Bombardier to sell up to 125 CSeries jets to Delta, posts first-quarter loss
(Reuters) - Bombardier Inc <BBDb.TO> announced on Thursday a much-anticipated order from Delta Air Lines <DAL.N> for up to 125 of its CSeries passenger jets, throwing a lifeline to the Canadian company which also reported a quarterly loss.
Bombardier said Delta's firm order for 75 CS100 aircraft, with options for an additional 50, was worth about $5.6 billion based on the list price. Deliveries are scheduled to begin in 2018, the Quebec-based company said.
The CSeries program, which is years late and billions of dollars over budget, nearly sank Bombardier last year but a flurry of cash injections and deals have helped to stabilize the company.
The Delta order, along with Air Canada's <AC.TO> commitment early this year to buy 45 CSeries jets, has helped improve sentiment around the program and boosted Bombardier's share price. The program, however, is not expected to turn a profit until about 2020.
The embattled Canadian plane and train maker reported a bigger-than expected first-quarter loss of 3 cents per share, compared with the average analyst estimate for a loss of 1 cent per share, according to Thomson Reuters I/B/E/S.
Revenue fell nearly 11 percent to $3.91 billion.