UPDATE 6-Bombardier delays C-Series flight, cuts train unit jobs

Wed Nov 7, 2012 5:32pm EST
 
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* First flight of C-Series pushed back to June 2013

* Company will cut about 1,200 jobs in train unit

* Will take 4th quarter charge of up to $150 million

* Third quarter earnings $0.12 a share vs $0.10 estimate

* Shares drop 4.4 pct to close at C$3.45 on TSX (Adds Moody's outlook change paragraph 19, closing stock price paragraph 7)

By Susan Taylor

TORONTO, Nov 7 (Reuters) - Bombardier Inc has delayed by six months the inaugural flight of its C-Series jetliner, its first attempt to muscle into a market dominated by bigger rivals.

The news raised fresh concerns about future orders for the new plane on a day when Bombardier reported weaker-than-expected quarterly revenue and 1,200 job cuts in its rail unit. Bombardier shares tumbled 4.4 percent.

The Canadian plane and train maker blamed unspecified supplier delays for postponement of the first flight of the C-Series plane, which will compete with smaller aircraft from giants Airbus and Boeing Co.   Continued...