Bombardier Inc’s turnaround plan picks up steam, company on track to beat all its profitability targets [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Bombardier Inc.’s turnaround plan continues to gain steam despite production problems at its CSeries engine supplier, and is on track to beat full-year profitability targets in all its business segments, the company said Thursday.“I understand, we all do here, that we still have a lot of work ahead of us, but Bombardier today is a much better and stronger company than it was a year ago,” CEO Alain Bellemare said on a conference call with analysts.“We now have Bombardier on a path to profitable earnings growth and cash generation and we will remain focused on improving productivity.”Bombardier reported a net loss of US$94 million in the third quarter, a significant reduction from the US$4.89-billion loss a year earlier. Adjusted earnings per share were break-even, better than the three-cent loss expected by analysts.Shares jumped on the results, climbing more than seven per cent in morning trading.Revenue fell 10 per cent to US$3.74 billion due to a slower-than-expected production sche
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