Bombardier: "We lose $ 2 million for every (CRJ) plane we sell. It's not profitable for us and it's been a long time. When Embraer entered the market, it was very hard. We lost market share" A. Bellemare, CEO Bombardier Inc.
His goals remain intact for 2020: to generate cash of at least US $ 750 million
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November 17, 2018 - by Sylvain Larocque for Le Journal de Montréal
Bombardier CEO Alain Bellemare says he did not see the financial problems that plunged the company's shares. He denies trying to make money using inside information.
Just yesterday, the Bombardier stock dropped 20% on the Toronto Stock Exchange, bringing its stock price down since its recent peak of $ 5.58 in July.
Receiving Le Journal in his office on the 30th floor of a tower in downtown Montreal, Mr. Bellemare takes the blow.
"It's incredible that the market has lost so much confidence because of the results of a single quarter," he says. What is happening right now is not normal. "
The 57-year-old admits that Bombardier has disappointed many by unveiling an unexpected US $ 600 million cash hole due to delays in the rail division. But he struggles to understand that investors are skeptical when he insists that his goals remain intact for 2020: to generate cash of at least US $ 750 million.