Bombardier reported its 3Q17 results on November 2 with a highlight on the company transformation and the cooperation agreement with Airbus in relation to the C Series. The focus of the company remains in building its earnings power.
“This was a very exciting quarter for Bombardier as we welcomed Airbus to the C Series program,” said Alain Bellemare, President and Chief Executive Officer, Bombardier Inc. “This is a game-changing step for Bombardier. It positions the C Series program for long-term commercial success and will generate new and sustainable value for our customers, suppliers and shareholders.”
For the third quarter Bombardier reported revenues of $3.8 billion. It also expects consolidated full-year EBIT before special items to be at least $630 million. The reported EBIT before special items was $165 million, which is nearly twice as much as the amount from the corresponding period in 2016.
“We also continue to make solid progress executing our turnaround plan, and are very much on track to achieve the goals we set out in November 2015,” Bellemare continued. “We have clearly demonstrated our ability to reduce costs, improve productivity and grow margins. We have executed on our growth programs and we are taking strategic steps necessary to unlock the full value of our portfolio.”
Another important reveal made by Bombardier included the announcement that a European customer has signed a letter of intent (LOI) for up to 61 C Series, including 31 firm aircraft and options for an additional 30 aircraft. The firm order stands at nearly $2.4 billion at current list prices. It may double in case all options are also exercised.
Alain Bellemare commented that this is a sign in the increased confidence in the C Series program and expects sales to grow further in the future.