MONTREAL (CP) -- Bombardier, the world's No. 3 civilian airline manufacturer, is reporting a 27 percent drop in quarterly profit as an uncertain economy continues to hurt its aerospace division.
The Montreal-based plane and train maker said Wednesday second-quarter profits dropped to $148 million, or eight cents a share, compared to $202 million, or 11 cents share, in the same quarter last year.
Analysts polled by Thomson Financial expected Bombardier to earn eight cents per share on revenue of $4.51 million. Bombardier says revenues fell to $4.1 billion from $4.9 billion.
President and CEO Pierre Beaudoin says although the uncertain economy continues to hurt its plane division they are starting to see a significant reduction in business aircraft order cancellations.