Bombardier has reported a consolidated net loss of $5.34 billion for 2015, widened from a $1.25 billion net loss for 2014. Full-year revenue for the commercial aircraft sector was down 12.6% to $2.4 billion.
Revenue was $18.2 billion, down from$20.1 billion in 2014 due to lower aircraft deliveries. EBIT was down to $554 million from $923 billion, which is before special items totaling $5.39 billion for the full year, including third-quarter write downs of $3.2 billion for the CSeries and 41.87 billion for the Learjet 85. The manufacturer has a backlog of $59.2 billion.
“We are turning Bombardier around to make this great company stronger and more competitive,” said Alain Bellemare, President and Chief Executive Officer. “Over the past year, we renewed our leadership team and developed a clear plan to significantly improve our performance. We de-risked major development programs and stabilized the company, securing our liquidity position and taking a series of actions to rebuild margins.”
For 2016, the company expects to generate between $16.5 billion and $17.5 billion in revenues, with EBIT margin improvements across Transportation, Business Aircraft and Aerostructures, while Commercial Aircraft ramps up the C Series program. EBIT is expected to be within a range of $200 million to $400 million, while free cash flow usage materially improves, at $1.0 billion to $1.3 billion for the year.
Bombardier is forecasting higher revenues at Commercial Aircraft, which are expected to rise above $3 billion on the start of CSeries deliveries.