Bombardier Scaling Back C Series Aircraft Deliveries, but Pratt's the Problem
No-moat Bombardier scaled back its delivery forecast for the C Series, which enters service this year, to seven aircraft from 15 due to delays at engine supplier United Technologies’ Pratt & Whitney unit. Management reaffirmed 2016 EBIT guidance but has guided to the lower end of its revenue range and also expects lower cash flow. We don’t believe the engine issues indicate a complex technical problem. Rather, Pratt faces challenges managing a steep engine production ramp. We maintain our fa...Bombardier is a manufacturer of transportation equipment. Co. carries out its operations in four segments. Aircraft is engaged in the design, manufacture and aftermarket support for three families of business jets (Learjet, Challenger and Global). Commercial Aircraft designs and manufactures commercial aircraft in the 60- to 150-seat categories and provides aftermarket support for these aircraft as well as for the 20- to 59-seat range category. Aerostructures and Engineering Services designs and manufactures aircraft structural components and provides aftermarket component repair and overhaul. Transportation delivers products and services in sustainable mobility.
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