Bombardier hit by warning on profit target
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Manufacturing News, Source : TheManufacturer.com
Published : 27 Aug 2002 8:38
Shares in the Canadian transport equipment group Bombardier plunged more than 17 per cent yesterday after the company warned it would miss its profit target for the year due to faltering aircraft sales.
It lowered its earnings forecast for this fiscal year to 70 Canadian cents from 89 cents a share.
"The 10 per cent earnings per share growth target will not be achieved," the company said.
"These adjustments are required mainly as a result of the severe downturn in the business aircraft market, which is affected by the persistent weakness of the US economy," it said.
Second-quarter results are due will be announced later today.
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