Bombardier posts quarterly losses of $94m but says it 'expects to turn full-year profit'
Bombardier says it expects to turn a full-year profit after posting losses of around $94m during the last three months.
Bombardier – which employs 5,000 staff in Northern Ireland - says it reported “consolidated revenues” of $3.7bn in the third quarter, and £12bn in the nine months, following “the planned reduction in business aircraft revenues and the deferral of revenue recognition following active project and cash management in Transportation”.
Alain Bellemare, president and chief executive officer, said: “We continue to gain momentum as we execute our turnaround plan and transform our company.
“In the third quarter, we again delivered on our financial commitments, we achieved our program milestones and we continued to take the hard actions necessary to improve productivity, reduce costs and optimize our operations.”
The Canadian-owned plane maker, which employs around 5,000 people in Belfast, is understood to be cutting one-third of the jobs in the aerospace division. Bombardier builds parts of the C Series and Global 7000 in Belfast.
Speaking about the CSeries jets, Bombardier said: “We adjusted the delivery forecast for the CSeries aircraft program for the full year, from 15 to 7 aircraft, as a result of engine delivery delays by our supplier Pratt & Whitney. We also updated Commercial Aircraft’s guidance to revenues of approximately $2.7 billion and improved EBIT loss before special items to approximately $450 million, driven by strong cost management.”
Last month, it emerged Bombardier will complete 1,080 job losses this year.
The Canadian-owned plane maker is bringing forward around 200 job cuts this year - the remainder of 1,080 staff redundancies it announced back in February.
The posts were initially due to be split across 2016 and 2017 - but the firm is now bringing forward the rest "in the next few months".
The company has brought forward 100 or so job cuts this year already.