Adjusted EBIT loss for the second quarter of $383 million was significantly below expectations, reflecting an additional charge of $435 million at Transportation, largely related to incremental engineering, certification and retrofit costs associated with a number of late-stage projects mainly in the U.K. and Germany. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. As a result of the current COVID-19 pandemic, additional factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: risks related to the impact and effects of the COVID-19 pandemic on economic conditions and financial markets and the resulting impact on our business, operations, capital resources, liquidity, financial condition, margins, prospects and results; uncertainty regarding the magnitude and length of economic disruption as a result of the COVID-19 outbreak and the resulting effects on the demand environment for our products and services; emergency measures and restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions; disruptions to global supply chain, customers, workforce, counterparties and third-party service providers; further disruptions to operations, production, project execution and deliveries; technology, privacy, cybersecurity and reputational risks; and other unforeseen adverse events. All amounts in this press release are in U.S. dollars unless otherwise indicated. The impact on free cash flows of the COVID-19 pandemic during the quarter is estimated at $700 to $900 million.
Refer to the Non-GAAP financial measures and Liquidity and capital resources section for definitions of these metrics and the Analysis of results section hereafter for reconciliations to the most comparable IFRS measures.
Starting in the last weeks of April and through the month of May, operations gradually resumed with new safety measures in place.
Bombardier also announced that Mrs. Beatrice Weder di Mauro expressed her intention to resign from the Company’s Board of Directors for personal reasons. This growth mainly reflects the ongoing production ramp-up in the U.K. and Germany, notwithstanding impacts of reduced activity in the second half of March 2020 due to the global COVID-19 pandemic.
Additionally, the number of unique prescribers exceeded 4,200 during Q2 2020. (10) Including share of income from joint ventures and associates amounting to $10 million for the three-month period ended March 31, 2020 ($17 million for the three-month period ended March 31, 2019).
By their nature, forward-looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward-looking statements.
The Board accepted Mrs. Weder di Mauro’s resignation and thanks her for her four years of dedicated service and the insight and wisdom she brought to Bombardier during her tenure.
Buy), and his $48 price target implies room for 29% upside growth in the coming year. Interestingly, the average price target of $37 could still yield returns of 93% in the coming year. The continuing uncertainty surrounding the duration of the pandemic precludes us from providing financial guidance with any reasonable confidence at this time. 4 Buys and no Holds or Sells add up to a Strong Buy consensus rating. Order intake of $1.6 billion for the quarter reflects project wins across geographies, with notable contract awards with SNCF’s repeat order in France and India’s flagship Delhi–Meerut regional rapid transit system project in Asia.
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