Palm Beach, FL 7/11/12 (StreetBeat) -- Mitsubishi Aircraft Corp. won an agreement to sell 100 regional planes to U.S. commuter carrier SkyWest (Nasdaq:SKYW) Inc. in an endorsement of Japan’s first passenger jet.
Deliveries of the planes, which have as many as 90 seats, will start in 2017 under the accord announced today at the Farnborough air show outside London. SkyWest’s commitment, valued at $4.2 billion at list prices, pushed Tokyo-based Mitsubishi’s orders and commitments for the jet to 230.
The aircraft will be equipped with engines from United Technologies Corp.’s Pratt & Whitney unit, which are similar in design to power plants under development for Airbus SAS’s A320neo narrow-body jet.
SkyWest jumped 14 percent to $7.80 at 10:01 a.m. in New York, the biggest intraday advance since May 2, according to data compiled by Bloomberg. Raymond James & Associates Inc. raised its rating today on St. George, Utah-based SkyWest to outperform from market perform.
The airline operates regional flights for carriers that include United Continental Holdings Inc. (NYSE:UAL) and Delta Air Lines Inc. (NYSE:DAL).
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