LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Bombardier beats quarterly earnings expectations, shares rise

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Jul 28, 2017
09:24 pm
Reuters

Canada`s Bombardier Inc beat market expectations on earnings before interest and tax on Friday, helped by better margins at its train making unit, sending its shares up as much as 6.2 percent.

Bombardier also raised the bottom end of its full-year forecast for EBIT before special items by 9.4 percent, for a new range of $580 million to $630 million.

Bombardier Chief Executive Alain Bellemare reiterated plans to deliver about 30 CSeries single-aisle jets in 2017, which use GTF engines by Pratt & Whitney.

He declined to comment directly on reports that Bombardier is in the final stages of talks with Germany`s Siemens to create two separate joint ventures for both companies` signaling and rolling-stock divisions.

Bombardier, nevertheless, is watching the industry trend of rail consolidation, with the emergence of Chinese rival CRRC as a strong competitor, he told analysts.

"As a result of this, we have been looking at what are the real strategic options to make our rail business strong moving forward from a scale standpoint, from an efficiency standpoint, from a technology standpoint."

For the second quarter, Bombardier reported EBIT before special items of $164 million, up 55 percent from a year earlier. That beat analysts` consensus of $134 million, according to analysts` estimates.

The Montreal-based plane and train manufacturer also raised its EBIT margin guidance before special items for its transportation and business jet divisions to approximately 8 percent for the year, up from 7.5 percent.

Bombardier, which is in the middle of a five-year turnaround plan after facing a cash crunch in 2015, also reported its first quarterly profit in two years. Bombardier shares were trading up 6 percent at C$2.56 late on Friday morning.

Adjusted net income, which excludes some items, was $39 million, or 2 cents per share, in the second quarter, compared with a loss of $83 million, or 6 cents per share, a year earlier.

Analysts on average had expected Bombardier to lose 1 cent per share, according to Thomson Reuters I/B/E/S.

Brazilian rival Embraer SA also reported a return to profit in the second quarter on Friday as it reduced costs and ramped up deliveries of narrow body E-Jets.

Bombardier`s revenue fell 5 percent to $4.10 billion in the quarter because of a decline in sales in its business aircraft and commercial aircraft segments.

Sales in Bombardier`s transportation unit, its biggest, rose to $1.98 billion from $1.96 billion.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:

LATEST NEWS

CBSE Class 10 Class 12 Board Exams – Students, Parents welcome Govt’s Decision to Cancel CBSE Board exam 2021

Free Fire OB27 update: Check release date and time in India, upcoming patch, weapons and more

What expert said about these Rakesh Jhunjhunwala stocks in gaming space - Delta Corp, Nazara Technologies

YES Bank stock! Expert suggests Rs 17-18 target price for this lender

ICSE Class 10, Class 12 exam: After CBSE cancels Class 10 exam, CISCE to soon take decision on ICSE board exams 2021

Lockdown like curfew in Maharashtra from TODAY: Check timings, what will remain open and closed - Check all details here

THIS WhatsApp forward claiming to register for COVID-19 vaccine is fake - Check all details here

Avenue Supermarts (DMART) share price: IDBI Capital pegs target price at Rs 3699

Cancel CBSE Board Exam 2021: After Arvind Kejriwal, Punjab CM Amarinder Singh says POSTPONE CBSE board exams, shoots off letter to Pokhriyal

Gujarat Board Latest Exam News: Will GSHSEB POSTPONE HSC SSC exams? Class 10, class 12 board exam candidates, DON'T MISS to check details here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved