Bombardier reduces Q3 loss to $94M, says turnaround progressing
Revenue down after planned reduction in business aircraft sales, deferred recognition of some rail revenue.
MONTREAL — Bombardier Inc. says it has made progress on its turnaround plan and its third-quarter loss has dropped significantly from the same time last year.
The Montreal-based company, which reports in US currency, has posted a net loss of $94 million or four cents per share for the three months ended Sept. 30.
That’s down from a year-earlier loss of nearly $4.9 billion or $2.20 per share.
Bombardier’s revenue was $1.31 billion, down 16% from $1.56 billion in the third quarter of 2016, following a planned reduction in business aircraft sales and the deferred recognition of some revenue in its rail division.
Bombardier has also previously announced that it will deliver only seven CSeries commercial jets this year, down from the previous estimate of 15, as a result of delayed engine deliveries from Pratt & Whitney.
Its adjusted loss was $10 million or less than a cent per share for the third quarter of 2016. Analysts had estimated an adjusted loss of three cents per share, according to Thomson Reuters.
“We continue to gain momentum as we execute our turnaround plan and transform our company,” said Alain Bellemare, Bombardier’s president and chief executive officer since he joined the company in early 2015.