Bombardier (TSX:BBD.A, BBD.B)(OTCQX:BDRBF) has reported first quarter 2017 results, demonstrating continued momentum executing its turnaround plan, the company said.
Highlighting the company´s progress was strong organic growth at transportation, EBIT margin expansion at both transportation and business aircraft, and significantly improved year-over-year cash performance.
Bombardier reported revenues of USD 3.6bn and EBIT before special items was USD 128m. EBIT margins before special items grew to a robust 8.0% at transportation, 7.6% at business aircraft and 7.5% at aerostructures, while commercial aircraft recorded an EBIT loss in line with the prior year.
Free cash flow usage improved by USD 157m to USD 593m for the quarter.
Bombardier also announced that Pierre Beaudoin intends to step down as Executive Chairman of the board effective June 30, 2017. Mr. Beaudoin will continue to serve as Non-Executive Chairman.
MontrÃ©al, Canada-based Bombardier is a manufacturer of both planes and trains. Together with its subsidiaries, it manufactures and sells transportation equipment worldwide. The company operates in four segments: business aircraft, commercial aircraft, aerostructures and engineering services, and transportation. In the fiscal year ended December 31, 2016, the company posted revenues of USD 16.3bn.