In this news, we discuss the Canada’s Bombardier profit drops on lower transportation demand.
(Reuters) – Aircraft and train maker Bombardier Inc. BBDb.TO posted a 31% drop in third-quarter profit on Thursday, penalized by poor transportation unit performance due to COVID-related disruptions -19.
The Montreal-based company, which is in the process of closing a deal to sell its rail division to French train maker Alstom SA ALSO.PA, said revenues from its transport unit fell 2.5%.
Business jet shipments also fell in the quarter, falling to 24 units from 31 a year earlier.
Bombardier, which aims to break-even free cash flow in 2020, reported quarterly free cash flow of $ 706 million.
The company reported adjusted earnings before interest, taxes, depreciation and amortization of $ 176 million for the quarter ended September 30, compared to $ 255 million a year earlier.
Revenue fell to $ 3.53 billion from $ 3.72 billion.
Reporting by Allison Lampert in Montreal and Sanjana Shivdas in Bangalore; Editing by Aditya Soni
Original © Thomson Reuters