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    BBD.B   CA0977512007

BOMBARDIER INC.

(BBD.B)
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Bombardier : sees higher deliveries of flagship jet, after missing quarterly profit

08/06/2020 | 09:18am EDT
A Bombardier aircraft is displayed at the Singapore Airshow at Changi Exhibition Center

Bombardier Inc aims to double deliveries of its flagship business jet during the back half of 2020 and break even this year on free cash, after the company missed on quarterly earnings Thursday, hurt by higher rail costs and COVID-19.

Montreal-based Bombardier expects to roughly double by year's end the 11 Global 7500 jet deliveries it made during the first six months of 2020, as the company becomes a pure play business jet maker with the impending closings of deals to sell its rail and aerostructures businesses.

Corporate planemakers are reporting an uptick in interest as demand for private aviation flights rises, although this rebound in travel has not yet translated into aircraft orders, Bombardier Chief Executive Eric Martel told analysts.

Business jet deliveries are expected to fall industry-wide this year as the pandemic keeps people under lockdown, disrupts global travel and slows economic activity around the world.

"We expect the next few quarters will be challenging and difficult to predict," Martel said.

The maker of business jets and trains recorded a $435 million charge in its rail business during the second quarter, mainly related to costs for several late-stage projects in the UK and Germany.

This led to an adjusted quarterly loss of $319 million compared with a profit of $312 million a year earlier, the company said. Analysts on average were expecting Bombardier to report profit before interest, taxes, depreciation and amortization (EBITDA) of $39.33 million.

Business jet deliveries also fell about 43% to 20 planes in the quarter because of the COVID-19 pandemic, with revenue declining about 37% to $2.70 billion but topping analysts' expectation of $2.48 billion.

Bombardier stock dipped 2.3% in morning trade.

The company, however, said it used free cash of about $1.04 billion in the quarter ended June 30, up from $429 million a year earlier, but better than analysts' expectation of $1.47 billion.

Chief Financial Officer John Di Bert says the company still aims to break even on free cash flow in 2020, "assuming operations continue to stabilize."

Bombardier's business aircraft backlog was $12.9 billion as of June 2020, down from $14.4 billion as of 2019 end.

(Reporting By Allison Lampert and Ankit Ajmera; Editing by Maju Samuel Steve Orlofsky)


ę Reuters 2020
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Financials (USD)
Sales 2021 5 870 M - -
Net income 2021 -745 M - -
Net Debt 2021 5 420 M - -
P/E ratio 2021 3,63x
Yield 2021 0,14%
Capitalization 1 842 M 1 845 M -
EV / Sales 2021 1,24x
EV / Sales 2022 1,16x
Nbr of Employees 45 550
Free-Float 88,2%
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Technical analysis trends BOMBARDIER INC.
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Mean consensus HOLD
Number of Analysts 15
Average target price 0,82 $
Last Close Price 0,74 $
Spread / Highest target 68,0%
Spread / Average Target 12,1%
Spread / Lowest Target -20,4%
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Managers and Directors
NameTitle
╔ric Martel President, Chief Executive Officer & Director
Bart W. Demosky Chief Financial Officer & Executive Vice President
Pierre Beaudoin Chairman
Franšois Caza Chief Technology Officer
Ernest Jeffrey Hutchinson Chief Information Officer
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