Economy

Bombardier cuts C Series delivery guidance, announces LOI with European customer

Meanwhile, Bombardier (TSX:BBD.B) predicts it will not be able to deliver eight to 10 C Series jets in its fourth quarter nor 20 to 22 over the course of its fiscal year because of delays in the delivery of engines from Pratt & Whitney.

It confirmed today that a European customer had signed a letter of intent for up to 61 C Series including 31 firm aircraft and options for an additional 30 aircraft.

The firm order is worth $2.4bn while the full order is worth $4.8bn if all options are exercised.

That amount would increase to almost $4.8 billion should the options be exercised.

Last month, Airbus agreed to take a majority stake in the C-Series project.

Bombardier, which is in the middle of a five-year turnaround plan after facing a cash crunch in 2015, delivered 31 business jets in the third quarter ended September 30, compared with 36 in the same period last year.

Alain Bellemare, Bombardier's chief executive, said: "This significant new order confirms the increasing confidence customers have in the C Series".

Bombardier (TSX:BBD.B) says it lost $117 million or five cents per share for the quarter ended September 30 compared with a loss of $94 million or four cents per share a year ago.

The per-share loss matched analysts' average expectation, according to Thomson Reuters I/B/E/S. Revenues rose three per cent to $3.8bn, but its net loss widened by 24 per cent to $117m from $94m the same time previous year.



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