giftedviz.com
giftedviz.com November 21, 2018


Bombardier to cut 5000 jobs after disappointing earnings

11 November 2018, 03:28 | Austin Hogan

A Bombardier Airbus assembly plant is shown in Mirabel Que. Friday

Bombardier

As a result, Bombardier is adjusting its free cash flow guidance for 2018 to include the Downsview proceeds. Earlier this year, Bombardier sold a majority stake in its money-losing CSeries to Europe's Airbus, which has pledged to boost sales and cut costs of the plane that has been renamed the A220.

The job cuts will affect Wichita, though Bombardier Inc. spokesman Simon Letendre said Thursday he doesn't know how many local workers will be cut. The drop threatened most of the stock gains since the deal with Airbus was announced past year. The overall restructuring is expected to take place over the next year and a half and will save the company US$250 million per year.

Canada's Innovation Minister Navdeep Bains said in Ottawa he was "disappointed" by the job losses. The Quebec government had to come to its rescue in 2015 with a $1 billion bailout. "We can not accept any further losses of functions from Northern Ireland, they are undermining the long-term sustainability of the company's presence here", she said. "We are in the dark as far as what comes next".

The Montreal-based firm has also agreed to sell its Q Series turbo-prop airliner program along with the de Havilland trademark to fellow Canadian aircraft manufacturer Viking Air for $300 million.

Bellemare probably isn't done remaking Bombardier.

Florida and Georgia prepare for recounts amid claims of irregularities
Nelson has not yet conceded to Scott, who now leads by less than 0 .2 percent with ballots across the state still uncounted. Votes were still being counted Wednesday morning, but Scott's lead was within that margin, according to CNN projections.


Madras High Court restrains police from arresting AR Murugadoss till November 27
Now the top director moved to Madras High Court requesting for anticipatory bail following the Sarkar controversy row. The film is produced by the Kalanithi Maran-owned Sun Pictures, and also stars Keerthy Suresh and Radharavi.


Melbourne police treating knife attack as terrorism incident, officials say
In 2017, another deadly incident occured on the same street after James Gargasoulas drove his auto into pedestrians, killing six. He stabbed three people before being confronted by members of the public and armed officers who eventually shot him in the chest.


Karl Moore, an aviation expert at Montreal's McGill University, said the layoffs and selloffs will allow Bombardier to shift away from regional jets and shrink its debt. The focus for now is on reducing cost and increasing volumes while optimizing aftermarket revenue for about 1,500 CRJs in service.

Speaking to analysts in a conference call, Bellemare was upbeat about the company's prospects. First, with the heavy aerospace investment phase successfully completed, Bombardier will right-size and redeploy its central aerospace engineering team.

For the quarter, Bombardier's revenues reached $3.6 billion, representing three per cent organic growth year over year.

Bombardier in Derby said there were no indications yet that the job cuts would have a significant impact in the city.

In the third quarter, adjusted earnings rose to 4 cents a share, topping the 2 cent average of analyst estimates compiled by Bloomberg. Analysts, on average, expected $3.87 billion U.S.in revenue and a profit of two cents per share. Quarterly cash burn decelerated to US$370 million in the period. CAE is picking up the training business for $645 million, along with spending an additional $155 million for the monetization of royalties from the business.



Other News

Trending Now

California Wildfire Torches Famed Movie Site, Sends Celebrities Fleeing
The Woolsey Fire now burning in Los Angeles County has destroyed much of the Western Town, a key feature of Paramount Ranch. The National Parks Service bought a portion of the original Paramount property in 1980 and revitalized the old movie ranch.

A Democratic House could probe Trump business ties overseas
During the campaign, they barely mentioned their only major policy accomplishment, their giant tax cut for the rich. On Interior Secretary Ryan Zinke, Trump said he wants to "study whatever is being said".

Square Enix cancels future Final Fantasy XV DLC, game director resigns
Final Fantasy XV's second season of DLC won't be what fans expect following the departure of its director Hajime Tabata. All except Episode Ardyn have been cancelled, with Ardyn still planned for its March 2019 release.

US Retailers already kicking off Black Friday with big deals
Really, there are hundreds of deals Walmart is planning for November 21, and it all begins hours before Thanksgiving. All in all, there's probably something for everyone on Walmart's lengthy list of Black Friday 2018 deals.

Could Bryce Harper be a fit for the Red Sox?
But no position player has ever earned an average annual value of more than $27.5 million (Alex Rodriguez and Yoenis Cespedes). Per Joel Sherman of the New York Post , Boras also described the system that rewards teams for tanking as a "cancer".

California wildfire destroys homes, hospital; deaths reported
The number of evacuations remains at 52,000 people so far, but the number of total structures destroyed has risen to 6,713. A group of Cal Fire firefighters monitor ambers from a toppled wall while battling the Camp Fire in Paradise on Friday.

Ruth Bader Ginsburg out of hospital after fall
This type of injury tends to be painful because the ribs move with each breath, said CBS News chief medical correspondent Dr. The next sitting of the Supreme Court isn't until November 26th, so once again, she's not likely to miss a day of work.

National Basketball Association fans react to Sixers' trade for Jimmy Butler
With Butler, Ben Simmons and Joel Embiid , however, they will have the firepower to compete in the Eastern Conference. Butler has one year left on his contract before he can decline his player option and become a free agent in 2019.

Russian Federation brings together India and the Taliban at the negotiating table
However, this time around, the country seems to be handling both the United States and Russian Federation in an effective manner. The meetings ended without the sides agreeing on a path to direct dialogue, the delegations from the Taliban and HPC said.

Garcia retains Nedbank lead despite putting woes
It's going to take two really low ones to get into contention, but hopefully I keep climbing the leaderboard and making birdies. Fisher had eagled the second and picked up six more birdies to reduce Garcia's lead to two shots.