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Home / Business / Companies / Airlines

Bombardier turnaround on track as it puts Boeing battle behind it

By Jon Yeomans
Daily Telegraph UK·
15 Feb, 2018 11:49 PM2 mins to read

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A Bombardier C-Series plane. Photo / AP

A Bombardier C-Series plane. Photo / AP

The turnaround at Bombardier appears to have taken flight with the Canadian manufacturer reporting a sharp improvement in cash flow last year.

Toronto-listed Bombardier, which makes planes and trains, generated free cash of uS$531 million ($717.4m) in 2017, a 288 per cent jump year on year.

Boosting free cash - the amount left over after the company covers its costs - is a key goal of chief executive Alain Bellemare, who was brought in to reverse the company's fortunes in 2015, according to the Daily Telegraph.

Read more: Bombardier wins trade dispute over Boeing

Bellemare hailed a "very strong performance" in 2017, the second year of his five-year plan, saying: "We begin 2018 with great momentum. Our operational transformation is in full motion."

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Revenue was flat at US$16 billion while net losses narrowed to US$553m, from US$981m. Earnings before interest, tax and other one-off items rose 57 per cent to US$672m.

Bombardier received a boost last month when it unexpectedly won a ruling at the US International Trade Commission, which found against rival Boeing's demands that it impose swingeing tariffs on sales of the Canadian company's C Series jet.

The US had threatened to slap import duties of 300 per cent on the C Series, after finding merit in Boeing's complaint that the plane had benefitted from illegal state subsidies.

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But publishing the details of its ruling earlier this week, the ITC said that "Boeing lost no sales or revenues" from the C Series. It found that the 110-seat C Series does not compete with Boeing's smallest 737 MAX 7 plane.

The dispute had threatened to turn into a diplomatic row, with both the Canadian and UK governments highly critical of Boeing's actions. The wings of the C Series are made at Bombardier's plant in Belfast, where it employs 4,000 people.

Alongside the C Series, Bombardier has high hopes for its Global 7000 business jet, which will enter into service this year.

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