Bombardier to cut 5000 jobs after disappointing earnings

09 Novembre, 2018, 11:29 | Auteur: Auguste Feret
  • Bombardier cutting about 5,000 jobs as part of restructuring plan

"2018 free cash flow was lower than my expectations", said Morningstar analyst Chris Higgins. The drop threatened most of the stock gains since the deal with Airbus was announced past year.

Bombardier has announced plans to cut 5,000 jobs globally, leading to concerns for workers in Northern Ireland.

The company said the job cuts would be made to "streamline" operations as part of a broader restructuring plan.

Half the lost jobs will be in Bombardier's home province of Quebec. And in June 2016, the Quebec government closed a US$1-billion investment in Bombardier's then-wholly owned CSeries program.

Renaud Gagne of Unifor, the union representing Canadian aerospace workers, however, warned that the layoffs "send a worrisome message for the future of the industry".

The company will sell its Q Series aircraft program and de Havilland aerospace trademark to a subsidiary of Longview Aviation Capital Corp. for approximately $300 million along with its Business Aircraft's flight and technical training program to CAE for $800 million.

The company also announced the sale of what it called a number of non-core assets.

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Bellemare probably isn't done remaking Bombardier. And the overhaul might not be over yet, with Bombardier saying it's exploring strategic options for its CRJ regional jet program.

Bombardier Chief Financial Officer John Di Bert attributed the free cash flow discrepancy to higher-than-expected working capital needs in its rail division.

"The transportation side and business jets are clearly the central focus of Bombardier going forward", Moore said. Bombardier expects to deliver 15 to 20 of the planes next year, and twice as many in 2020, Di Bert said.

The company on Thursday forecast 2019 revenue would grow by 10 percent to $18 billion or more, driven by a pickup in deliveries of its Global 7500 business jets.

Letendre doesn't know the exact amount of jobs at Learject are expected to be cut in Wichita.

On an adjusted basis, Bombardier said it earned four cents per share in the quarter compared with a break-even result in the third quarter of 2017, beating analyst expectations. Sales fell 5.1 per cent to US$3.64 billion, compared with the average estimate of US$3.87 billion. Quarterly cash burn decelerated to US$370 million in the period. The Q400 that comes with this deal is a steady selling regional turboprop that seats up to 90 passengers.

In the third quarter, the commercial aircraft business recorded a loss of US$9 million before interest, taxes and special items.

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