Bombardier Profit Falls Short of Estimates as Revenue Declines
Bombardier Inc. (BBD/B) reported third-quarter profit that missed analysts’ expectations as revenue declined 3.6 percent.
Earnings excluding some costs and gains fell to $165 million, or 9 cents a share, from $173 million, or 9 cents, a year earlier, Montreal-based Bombardier said today in a statement. That missed the 10-cent average of 21 estimates compiled by Bloomberg. Revenue dropped to $4.06 billion from $4.21 billion.
Bombardier, based in Montreal, is striving to ready its biggest plane ever, the CSeries jetliner, for entry into service next year after being delayed three times. The company successfully completed the plane’s first flight last month and raised the program cost estimate to $3.9 billion.
Bombardier’s widely traded Class B shares fell 0.8 percent to C$5.28 in Toronto yesterday. That cut their gain this year to 40 percent, compared with a 8.2 percent climb for Canada’s benchmark Standard & Poor’s/TSX Composite Index.
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