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11 November 2018, 03:28 | Austin Hogan
A Bombardier Airbus assembly plant is shown in Mirabel Que. Friday
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.
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.
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