Bombardier posts loss as revenue falls

The Global 6000 aircraft sets world speed record between Aspen Pitkin County Airport in Colorado and London City

The Global 6000 aircraft sets world speed record between Aspen Pitkin County Airport in Colorado and London City

Still, the Canadian plane and train maker, which has announced cuts to its global workforce recently as it continues to cut costs, said Thursday its turnaround plan "is in full motion".

Bombardier Business Aircraft delivered 163 jets past year, including 24 Learjet 70/75s, 62 Challenger 350s, 26 Challenger 605/650s and 51 Global 5000/6000s.

Bombardier said it expects to deliver 30 to 35 CSeries this year, up from seven last year, as engine supplier Pratt & Whitney works through the supply-chain problems that delayed production in 2016.

Revenue fell 13 per cent to US$4.38 billion as the company delivered fewer business jets.

Bombardier Inc. says it had a $981 million USA net loss previous year.

"As we begin 2017, we are confident in our strategy, our turnaround plan and in our ability to unleash the full value of the Bombardier portfolio", said Bellemare.

Alain Bellamare, president and CEO of parent company Bombardier, said he believes that the business jet market will bottom out this year and expressed optimism that 2018 will be an "inflection year" for Bombardier Business Aircraft.

Bombardier reported a fourth-quarter loss before special items of US$0.07 per share, wider than the US$0.03 loss forecast by analysts.

Bombardier backed its 2017 guidance for revenue growth in the low-single digits, driven by an increase in transportation revenue and an acceleration of C Series aircraft deliveries.

For the fourth quarter ended December 31, Bombardier had a net loss of $259 million or 12 cents per share.

Analysts on average had estimated a three cent loss on revenue of $4.64 billion, according to Thomson Reuters I/B/E/S.

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