Bombardier on track to meet aircraft delivery target, railway sale boosts Q1 profit News Staff

MONTREAL — Bombardier Inc. says it is on track to meet its target for the delivery of 110 to 120 aircraft this year as it reported its latest financial results.

The business jet maker, which keeps its books in U.S. dollars, says it earned net income of nearly US$5.1 billion or $2.03 per diluted share in its first quarter as it completed the sale of its of its railway business to French company Alstom S.A.

The result compared with a net loss of US$200 million or 11 cents per share in the same quarter last year.

On an adjusted basis, which excluded the US$5.3-billion gain on the sale of the rail business, Bombardier said it lost US$173 million or seven cents per share compared with an adjusted net loss of US$182 million or eight cents a year ago.

Revenue totalled US$1.3 billion, down from $1.5 billion in the first three months of 2020 which included revenue from its aerostructure and commercial aircraft businesses which it sold last year.

Bombardier says its business jet revenue was US$1.3 billion in the quarter, up 18 per cent from a year ago.

This report by The Canadian Press was first published May 6, 2021.

Companies in this story: (TSX:BBD.B)

The Canadian Press

Leave a Reply

Your email address will not be published. Required fields are marked *