Bombardier starts gradual resumption of manufacturing, reports Q1 loss
By CP STAFFGeneral Aerospace aircraft Bombardier Business financial manufacturing rail
Expects business activity to hit a low point in Q2, before gradually recovering in the second half of the year.
MONTREAL — Bombardier Inc. said it has started the gradual resumption of manufacturing operations at both its aircraft and rail operations that had been closed due to the pandemic as it reported a loss US$200 million in its first quarter.
The company, which shuttered its operations in March when all non-essential work came to a stop in an effort to slow the spread of the COVID-19, said it expects business activity to hit a low point in the second quarter, before gradually recovering in the second half of the year.
For the first quarter, Bombardier, which keeps its books in US dollars, lost 11 cents per diluted share compared with a profit of US$239 million or eight cents per share a year ago.
Revenue totalled US$3.69 billion in the three-month period ended March 31, up from nearly US$3.52 billion in the first quarter of 2019.
On an adjusted basis, Bombardier says it lost US$169 million or 10 cents per share in the first quarter compared with an adjusted loss of US$122 million or seven cents per share a year earlier.
Analysts on average had expected an adjusted loss of seven cents per share for the quarter, according to financial markets data firm Refinitiv.