Bombardier Inc. took a major earnings hit last quarter — with more losses to come — as fallout from the COVID-19 pandemic blocked aircraft deliveries and shut down operations across dozens of plants.
The company, which keeps its books in U.S. dollars, reported a $200 million loss in its first quarter and burned through $1.6 billion in cash as borders and factories closed in March when all non-essential work ground to a halt.
Though plants are gradually ramping up again, the plane-and-train maker expects business activity to hit a low point in the second quarter before mounting a slow comeback in the second half of the year. “At a certain point, all our facilities were closed,” said chief executive Eric Martel on his first conference call as