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‘The positive market outlook for the rail industry remains unchanged’, said Bombardier when it presented its second quarter results on August 1.
‘At Transportation, we have made significant progress and remain on track to complete the transformation by 2020’, said, Bombardier Inc President & CEO Alain Bellemare. ‘As we simultaneously address our legacy projects, complete Transportation’s reshaping to leverage its global scale, and ramp-up to deliver on our strong backlog, we are making the necessary investments to ensure we have the right resources and capacity to deliver stronger, sustainable financial performance in the years ahead.’
The Transportation business recorded revenues of US$2·2bn in Q2, up 2% year-on-year excluding unfavourable currency impacts. It said this was in-line with its revised production schedule announced earlier in the year, and consistent with full-year guidance of US$8·75bn.
Adjusted EBIT margin of 5·1% was below expectations, reflecting additional cost pressure on large, late-stage projects, mainly in the UK, Germany and Switzerland. EBIT margin for the quarter was 4·0%. Full-year adjusted EBIT margin guidance is now approximately 5%, as the company makes additional investments and incurs additional costs totalling US$250m to US$300m to complete legacy projects and to protect the delivery schedule for other projects.
The Transportation business had a backlog of US$33·6bn at the end of the quarter.
This article first appeared on www.railwaygazette.com
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