Company News

Bombardier third-quarter EBIT more than doubles

Nov 8 (Reuters) - Canadian plane and train maker Bombardier Inc’s most-watched measure of earnings more than doubled in the third quarter, helped by higher margins and sales.

The company forecast 2019 revenue to grow by 10 percent to $18 billion or more, driven by better deliveries of its Global 7500 business jet.

Bombardier reported $267 million in earnings before interest and taxation for the quarter ended Sept. 30, compared with $133 million in the same period a year earlier, which were restated due to accounting changes.

Analysts on average were expecting EBIT to be $245.90 million, according to I/B/E/S data from Refinitiv.

The company also said it expected $900 million net proceeds mainly from the sale of two programs including its Q400 turboprop plane program.

The company posted net profit of $149 million, compared with a net loss of $100 million last year when the company was making heavy investments in various segments including planes. (Reporting by Nivedita Bhattacharjee Editing by Saumyadeb Chakrabarty)