UPDATE 3-Bombardier says CSeries on track; revenue jumps

Thu May 9, 2013 10:31am EDT
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* Says CSeries tests progressing well

* Adjusted net income $156 mln vs $150 mln year earlier

* First-qtr revenue rises 25 pct

* Free cash flow usage $590 mln vs $695 mln a year earlier

By Bhaswati Mukhopadhyay and Solarina Ho

May 9 (Reuters) - Bombardier Inc, the world's No. 4 commercial aircraft maker, said its CSeries jetliner was on track to make its first flight in June as it reported a 25 percent jump in first-quarter revenue on robust growth at its aerospace unit.

Earnings per share were in line with consensus, but analysts said the details of the results were better than expected and bode well for Bombardier's outlook and share price, which rose more than 5.4 percent to C$4.46 in early trading on the Toronto Stock Exchange.

The new CSeries - Bombardier's ticket into the larger commercial jet market - is a single-aisle plane with seating for up to 160 passengers.

It represents the Canadian company's attempt to break into the lower end of the lucrative 100-to-200-seat aircraft market dominated by Boeing Co and Airbus.   Continued...