Bombardier starts gradual resumption of manufacturing, reports Q1 loss
Revenues for first quarter were ahead of its results for the same period last year
Bombardier Inc. said it has started the gradual resumption of manufacturing operations at both its aircraft and rail operations that had been closed due to the coronavirus pandemic, as it reported a loss of $200 million US in its first quarter.
The company, which shuttered its operations in March when all non-essential work came to a stop in an effort to slow the spread of COVID-19, said it expects business activity to hit a low point in the second quarter, before gradually recovering in the second half of the year.
For the first quarter, Bombardier, which keeps its books in U.S. dollars, lost 11 cents per diluted share compared with a profit of $239 million US, or eight cents per share, a year ago.
Revenue totalled $3.69 billion US in the three-month period ended March 31, up from nearly $3.52 billion US in the first quarter of 2019.
On an adjusted basis, Bombardier says it lost $169 million US, or 10 cents per share, in the first quarter compared with an adjusted loss of $122 million US, or seven cents per share, a year earlier.
Analysts on average had expected an adjusted loss of seven cents per share for the quarter, according to financial markets data firm Refinitiv.