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Bombardier's Win for C Series Is Too Late to Save 7,000 Jobs

  • Air Canada signs a letter of intent to buy at least 45 jets
  • Planemaker's 2016 sales forecast falls short of estimates
Updated on

Bombardier Inc. won a crucial order for its new C Series jet from Air Canada, though it wasn’t enough to prevent the struggling manufacturer of planes and trains from cutting 7,000 jobs as profit missed analysts’ estimates.

Air Canada signed a letter of intent -- not a firm order -- to purchase 45 aircraft with a list value of about $3.8 billion, the first commitment from a major North American carrier. Bombardier surged 21 percent to C$1.09 in Toronto, its biggest gain in five months.