Today, 8:06 AM
- Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) is starting to look at its options for a new aerospace program now that its CSeries commercial plane is complete.
- CEO Alain Bellemare said he didn't know yet whether Bombardier would invest in commercial or business aircraft, but the company is looking at where there are gaps in the market and what competitors are doing.
Tue, Sep. 27, 8:09 AM
Tue, Sep. 13, 10:20 AM| Tue, Sep. 13, 10:20 AM | 1 Comment
Tue, Sep. 6, 8:11 AM
- Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) has more than halved its CSeries aircraft delivery forecast for the year, cutting its forecast to 7 from 15 aircraft, citing engine delivery delays by supplier Pratt & Whitney (NYSE:UTX).
- The change will result in revenues at the lower end of its previously forecast range of $16.5B-$17.5B, but isn't expected to have a material effect on EBIT, which is expected at the upper end of its $200M-$400M range.
Fri, Sep. 2, 7:44 AM
- The second and last $500M of Quebec's $1B investment in its C Series program has been received.
- In connection with the disbursement, Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) has issued additional warrants exercisable for a total number of 50M Class B shares.
- The warrants are exercisable for a period of five years at an exercise price per share equal to $1.72.
Thu, Sep. 1, 10:32 AM
- Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) will halt completion work on its Global 5000 and 6000 business jets during certain periods in 2017, amid ongoing softness in the market for corporate planes.
- "It's a very common practice to adjust our strategy to ensure we manage our inventories and costs," said spokesman Mark Masluch. "We'll... ensure we take steps to mitigate impact to our workforce."
Mon, Aug. 22, 5:52 PM
- Textron (NYSE:TXT) says it would be interested in buying Bombardier’s (OTCQX:BDRAF, OTCQX:BDRBF) struggling Learjet business "at the right price."
- A deal would provide Bombardier with a potential exit from the light business jet market, which CEO Alain Bellemare described as “oversupplied” and “remarkably competitive” on the company’s quarterly earnings call earlier this month.
- Bombardier delivered only six Learjet vehicles in H1 of this year, down from 14 in 2015, and it recently cancelled plans to develop a new Learjet 85.
- Cowen analysts have advocated a Cessna-Learjet combination, saying it could generate cost savings - both companies are based in Wichita, Kan. - and that TXT could upgrade existing Learjet customers to its new-model Cessnas.
Wed, Aug. 10, 12:40 PM
- Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) could sell its Learjet business, and Cessna-maker Textron (NYSE:TXT) is a likely buyer, according to analysts at Cowen, who say a Learjet sale would help the company lighten its debt load, which includes $6.7B maturing in 2018-23.
- Lear has lost market share in the business jet segment to the Cessna XLS plus, capturing 33% of the market YTD vs. 60% in 2015, Cowen says.
- Separately, Bombardier wins a US$1.3B U.K. government contract to supply 660 new trains to expand rail services in eastern England.
Fri, Aug. 5, 7:56 AM
- Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) reported a wider-than-expected Q2 loss amid rising costs for its new CSeries airliner, while its free cash flow usage dropped to $490M from $808M.
- The planemaker swung to an adjusted loss of $0.06, missing estimates by a penny. Revenue decreased 6.7% to $4.31B.
- Bombardier also reaffirmed its full-year forecast: Revenue of $16.5B-$17.5B, EBITDA of $200M-$400M and free cash flow of $1B-$1.3B.
Fri, Aug. 5, 6:35 AM
Mon, Jul. 25, 11:01 AM
Fri, Jul. 15, 2:54 PM
- Bombardier's (OTCQX:BDRAF, OTCQX:BDRBF) CSeries carries the first paying passengers on its maiden commercial flight from Zurich to Paris, nearly eight years to the day after the program was launched.
- The first CS100 aircraft was delivered to Swiss Air last month, two and a half years after it was originally supposed to be handed off, and held its inaugural flight today.
- The flight came at the windup of the Farnborough Air Show, in which the company announced no new CSeries orders but did secure three Q400 turboprop orders each from Porter Airlines and All Nippon Airways.
- Bombardier's larger CS300 received type certification from Transport Canada on Monday and is expected to be delivered to launch customer Air Baltic in Q4.
Fri, Jul. 15, 8:16 AM
- Brazil may launch a trade challenge against Canada over state funding to Bombardier (OTCQX:BDRAF, OTCQX:BDRBF), Foreign Minister Jose Serra told Reuters.
- Serra said a $1B investment in Bombardier from Quebec was a "subsidy" and gave the company an unfair advantage that could hurt Brazil's Embraer (NYSE:ERJ)
Tue, Jul. 12, 10:11 AM| Tue, Jul. 12, 10:11 AM
Thu, Jul. 7, 7:31 AM
- Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) is under less pressure to ink CSeries orders at the Farnborough Airshow next week after receiving orders from Delta and Air Canada.
- "There was a lot of pressure from the industry looking at this program, because early in the program there was a milestone of 300 firm orders," Bombardier's Fred Cromer said in an interview. "We have surpassed that number, so from that standpoint the pressure's off."
Tue, Jul. 5, 12:58 PM
- Prime Minister Trudeau’s government does not expect to reach an aid deal with Bombardier (OTCQX:BDRAF, OTCQX:BDRBF) before this fall, Bloomberg reports.
- Quebec province has invested $1B for Bombardier's CSeries jet program, putting the company on more solid footing as Trudeau is said to be seeking concessions on corporate governance in exchange for aid.
- The government believes Bombardier has a year or more before it faces a serious cash crunch, according to the report, and CEO Alain Bellemare said last week that there was “a lot more runway” for the CSeries project, suggesting federal aid is not urgent though still desired.