Bombardier posts surprise profit
Canada`s Bombardier Inc
The Montreal-based plane and train manufacturer had forecast EBIT before special items to be in the range of $580 million-$630 million.
Adjusted net income, which excludes some items, was $39 million or 2 cents per share, in the second quarter ended June 30, compared with a loss of $83 million or 6 cents per share, a year earlier.
Analysts on average had expected Bombardier to post a loss of 1 cent per share, according to Thomson Reuters I/B/E/S.
Bombardier is in the middle of a five-year turnaround plan to improve its financial performance after facing a cash crunch in 2015.
Revenue fell 5 percent to $4.10 billion in the quarter due to a decline in sales in its business aircraft and commercial aircraft segments. [nCCNhDxyBa]
Sales in the transportation unit - Bombardier`s 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.)
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