Bombardier shares up as company swings to surprise adjusted profit

Bombardier shares rose 4.5 per cent on the TSX on Friday as investors digested the company's latest quarterly results.

The Montreal-based plane and train manufacturerearned $39 million, or two cents per share, in adjusted profit in the three months up until the end of June. That compareswith a loss of $83 million or six cents per share a year ago.

The adjusted profit came as a pleasant surprise to analysts, who were forecasting a loss of about one cent per share, according to Reuters.

"We continue to make solid progress executing our five-year turnaround plan," CEO Alain Bellemaresaid. "We are improving our operating margins, transforming our operations and executing on our growth programs, which will allow us to deliver long-term sustainable value to our customers and shareholders."

The quarterly results prompted the company to say its earnings before interest and taxes for the full year will come in at the top end of its previously forecasted range of between $580 million US and $630 million US.

The company said it delivered 20 commercial jets in the quarter,including 6 CSeries jets, which the company has identified as being key to its future. All told, that brings the total number of CSeries jets in the air to16.