Bombardier Reports Q2 Results, C Series Begins Revenue Generation
Bombardier Inc. reported its second quarter 2016 results, noting the C Series aircraft program transitioned from development to revenue generation. The company reaffirmed its full-year financial guidance.
Bombardier Inc. released its second quarter 2016 financial results, maintaining its full-year guidance. President and CEO Alain Bellemare stated the company is executing its turnaround plan, meeting program milestones, and positioning itself for its 2020 objectives.
The company highlighted the entry into service of the C Series aircraft and the certification of the larger CS300 variant. This marks the completion of the C Series development phase and the transition to production ramp-up. The aircraft program began generating revenue during the quarter.
Consolidated revenues were $4.3 billion for the quarter and $8.2 billion year-to-date, a decrease from the previous year, primarily due to a planned reduction in business aircraft revenues. Earnings before extraordinary items (EBIT) were $106 million for the quarter.
Bombardier remains on track to meet its full-year revenue guidance of $16.5 billion to $17.5 billion. The Business Aircraft segment reported an improved EBIT margin before special items of 6.7%, despite ongoing market challenges.