Bombardier reports higher Q4 profit; to cut 10 pct jobs

Bombardier Inc (BBDb.TO) reported a 42 percent rise in quarterly profit, and said it would cut about 3,000 jobs as it was downsizing its business and regional jets production rates.

The job cuts, which would result in severance costs of about $30 million, will take place at the company's facilities in Canada, the United States, Mexico and Northern Ireland, by the end of 2009.

Net income rose to $309.0 million, or 17 cents per share, in the fourth quarter ended Jan. 31, from $218.0 million, or 12 cents per share, a year earlier.

Revenue at the world's No. 1 passenger train maker and No. 3 civil aircraft manufacturer rose to $5.43 billion from $5.27 billion.

Read Full Article from Reuters

- Posted: 2009-04-02 08:42:41

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