Bombardier to lay off 1,600, halt Learjet production | Canada News Media
Connect with us

News

Bombardier to lay off 1,600, halt Learjet production

Published

 on

(Reuters) – Bombardier Inc said on Thursday it would halt Learjet aircraft production and slash about 1,600 jobs this year as it becomes a pure-play business jet maker, after reporting an adjusted loss before interest and taxes for the fourth quarter due to the coronavirus pandemic.

After flagging likely layoffs in November, Montreal-based Bombardier announced further cost-cutting efforts to generate $400 million in recurring savings by 2023 and improve earnings this year while increasing its aftermarket business.

“We view 2021 as a transition year,” Chief Executive Éric Martel told analysts.

The layoffs include 800 people in Canada, mostly in Quebec, and 250 in Wichita where Learjet is made, Martel later told reporters.

Bombardier, which had previously planned to break even on free cash flow in 2020, now expects to turn cash flow-positive between 2021 and 2023.

The company’s shares were down 11% to C$0.65 per share in midday Toronto trading.

Bombardier has shed assets in recent years, transforming itself from plane and train maker to business jet manufacturer, to restore profitability and cut debt after facing a cash crunch in 2015.

In 2021, the company expects business jet deliveries in line with 2020, modest revenue growth, and adjusted EBITDA of more than $500 million, as it winds down production of the low-selling Learjet later in the year to focus on more profitable Challenger and Global jet models.

Analysts on average estimated 2021 adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to be $661.3 million, according to Refinitiv IBES data.

Ahead of its March 4 investor day, Bombardier cited cost improvements on the Global 7500 jet and its growing service business as key earnings drivers.

Bombardier reported a 19.7% fall in business jet deliveries to 114 in 2020, in line with industry trends. But 2020 revenues from corporate aircraft activities rose 3%, helped by year-end deliveries of Global 7500 jets and a rebound in demand.

Bombardier reported 2020 free cash-flow usage from continuing operations of $1.9 billion, but expects to reduce cash burn in 2021 to better than $500 million.

The company said it now has pro forma cash and cash equivalents of about $5.4 billion, including proceeds from the sale of its transportation unit, and a pro forma net debt of about $4.7 billion.

Bombardier reported an adjusted loss before interest and taxes of $165 million for the quarter ended Dec. 31, compared with a profit of $168 million a year earlier.

 

(Reporting by Shreyasee Raj in Bengaluru and Allison Lampert in Montreal; Editing by Alexandra Hudson, Jonathan Oatis and Bernadette Baum)

Continue Reading

News

Christian McCaffrey is placed on injured reserve for the 49ers and will miss at least 4 more games

Published

 on

SANTA CLARA, Calif. (AP) — The San Francisco 49ers placed All-Pro running back Christian McCaffrey on injured reserve because of his lingering calf and Achilles tendon injuries.

The move made Saturday means McCaffrey will miss at least four more games after already sitting out the season opener. He is eligible to return for a Thursday night game in Seattle on Oct. 10.

McCaffrey got hurt early in training camp and missed four weeks of practice before returning to the field on a limited basis last week. He was a late scratch for the opener on Monday night against the Jets and now is sidelined again after experiencing pain following practice on Thursday.

McCaffrey led the NFL last season with 2,023 yards from scrimmage and was tied for the league lead with 21 touchdowns, winning AP Offensive Player of the Year.

The Niners made up for McCaffrey’s absence thanks to a strong performance from backup Jordan Mason, who had 28 carries for 147 yards and a touchdown in San Francisco’s 32-19 victory over the New York Jets. Mason is set to start again Sunday at Minnesota.

After missing 23 games because of injuries in his final two full seasons with Carolina, McCaffrey had been healthy the past two seasons.

He missed only one game combined in 2022-23 — a meaningless Week 18 game last season for San Francisco when he had a sore calf. His 798 combined touches from scrimmage in the regular season and playoffs were the third most for any player in a two-year span in the past 10 years.

Now San Francisco will likely rely heavily on Mason, a former undrafted free agent out of Georgia Tech who had 83 carries his first two seasons. He had at least 10 touches just twice before the season opener, when his 28 carries were the most by a 49ers player in a regular-season game since Frank Gore had 31 against Seattle on Oct. 30, 2011.

The Niners also have fourth-round rookie Isaac Guerendo and Patrick Taylor Jr. on the active roster. Guerendo played three offensive snaps with no touches in the opener. Taylor had 65 carries for Green Bay from 2021-23.

San Francisco also elevated safety Tracy Walker III from the practice squad for Sunday’s game against Minnesota.

___

AP NFL:

The Canadian Press. All rights reserved.



Source link

Continue Reading

News

Canada’s Newman, Arop secure third-place finishes at Diamond League track event

Published

 on

BRUSSELS – Canada walked away with some hardware at the Diamond League track and field competition Saturday.

Alysha Newman finished third in women’s pole vault, while Marco Arop did the same in the men’s 800-metre race.

Newman won a bronze medal in her event at the recent Paris Olympics. Arop grabbed silver at the same distance in France last month.

Australia’s Nina Kennedy, who captured gold at the Summer Games, again finished atop the podium. Sandi Morris of the United States was second.

Newman set a national record when she secured Canada’s first-ever pole vault medal with a bronze at the Olympics with a height of 4.85 metres. The 30-year-old from London, Ont., cleared 4.80 metres in her second attempt Saturday, but was unable conquer 4.88 metres on three attempts.

Arop, a 25-year-old from Edmonton, finished the men’s 800 metres with a time of one minute 43.25 seconds. Olympic gold medallist Emmanuel Wanyonyi of Kenya was first with a time of 1:42.70.

Djamel Sedjati, edged out by Arop for silver in Paris last month, was second 1:42.87

This report by The Canadian Press was first published Sept. 14, 2024.

The Canadian Press. All rights reserved.



Source link

Continue Reading

News

Bologna prepares for Champions League debut with draw at Como while Juventus held

Published

 on

MILAN (AP) — Bologna’s preparations for its Champions League debut are not going well though it managed to spoil Como’s first Serie A home match in 21 years on Saturday.

Bologna came from two goals down to salvage a 2-2 draw to gather three points from its opening four matches.

Bologna hosts Shakhtar Donetsk on Wednesday. Its only other appearance in Europe’s top competition was in 1964 in the preliminary round of the old European Cup.

AC Milan is also winless as it prepares for a Tuesday Champions League match against Liverpool. The Rossoneri hosted promoted Venezia later. Juventus drew at Empoli 0-0.

Como made a great start in the fifth minute when Patrick Cutrone attempted to roll the ball across the six-yard box but it took a huge deflection off Bologna defender Nicolò Casale for an own goal.

Bologna thought it was gifted a way back into the match on the stroke of halftime when referee Marco Piccinini signalled for a penalty following an Alberto Moreno handball, but he revoked his decision and instead gave a free kick because the handball was just outside the area.

Bologna improved after the break but found itself further behind when Cutrone raced onto a through ball and cut inside past a defender and fired into the far bottom corner.

Tommaso Pobega hit the post for Bologna, which finally pulled one back in the 76th through substitute Santiago Castro.

Another substitute helped the visitors snatch a point when Samuel Iling-Junior curled a fine strike into the top left corner in stoppage time.

Unbeaten sides

Juventus, and more surprisingly Empoli, are among six unbeaten sides.

Empoli held Monza and Bologna to draws either side of a shock 2-1 win at Roma. Juventus’ perfect start to the season was ruined by Roma in a goalless draw before the international break.

On Saturday, there were few clearcut chances in Empoli although home goalkeeper Devis Vásquez made spectacular saves to fingertip out a Federico Gatti header and deny Dusan Vlahovic in a one on one with the Juventus forward.

Empoli had a good opportunity in the 73rd minute following an Alberto Grassi one-two with Pietro Pellegri but the finish was straight at Mattia Perin.

The host could have won it right at the death but Gatti flew in with a great sliding block to keep out Emanuel Gyasi’s close-range effort.

Juventus hosts PSV Eindhoven in the Champions League on Tuesday.

___

AP soccer:

The Canadian Press. All rights reserved.



Source link

Continue Reading

Trending

Exit mobile version