1. Bombardier more than halves CSeries delivery forecast

Bombardier more than halves CSeries delivery forecast

Bombardier Inc more than halved its CSeries aircraft delivery forecast for the year and said it expected its full-year revenue to be at the lower end of its previously announced range.

By: | Published: September 6, 2016 5:41 PM
A Bombardier C-Series aircraft is displayed at the Singapore Airshow at Changi Exhibition Center. (Reuters) A Bombardier C-Series aircraft is displayed at the Singapore Airshow at Changi Exhibition Center. (Reuters)

Bombardier Inc more than halved its CSeries aircraft delivery forecast for the year and said it expected its full-year revenue to be at the lower end of its previously announced range.

The company cut its CSeries delivery forecast to 7 from 15 aircraft citing engine delivery delays by its supplier Pratt & Whitney.

The Canadian airplane and train maker now expects to be close to the lower end of the $16.5 billion-$17.5 billion revenue range for the full-year.

“We are working very closely with Pratt & Whitney to quickly address this supplier ramp-up issue and to ensure we have a strong supplier base to support our long-term growth objectives,” said Fred Cromer, President, Bombardier Commercial Aircraft said.

“We are very confident in our production ramp-up plan, including our ability to meet our production goal of 90 to 120 aircraft per year by 2020.”

The company has struggled to obtain new orders for its CSeries plane with the financial uncertainty of the program weighing on potential clients.

However, the company reaffirmed its 2016 revenue and earnings before interest & tax (EBIT) guidance, on a consolidated basis.

Bombardier said last week it received the final installment of the $1 billion in federal aid from the province of Quebec for the CSeries program, which is years behind schedule and billions of dollars over budget.

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