Bombardier Cuts Financial Outlook

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CBJ — Bombardier is cutting its financial guidance for the year due to lower expectations at its transportation business and commercial aircraft division. The news immediately sent shares downward by about 18%.

The company now expects full-year revenues to be approximately US$17 billion, which is about $1 billion lower than originally anticipated.

Bombardier says revenue at its commercial aircraft business is expected to be about $250 million lower due to an earlier than anticipated closing of the sale of its business aircraft training business and the Q400 program.

Transportation revenue is projected to be about $750 million lower due to what it Bombardier says is due to production ramp-up adjustments.