Alstom Is Still Haunted by Troubled Bombardier Acquisition (1)

French rail-equipment maker Alstom SA remains under pressure more than a year after the acquisition of a Canadian rival that rapidly soured.

The stock whipsawed on Wednesday after Alstom reported full-year earnings, rising as much 9% in early trading before plummeting almost 12% below its opening price on investor concerns about cash flow and unprofitable legacy contracts. The shares ended down 5.2%.

The company swungto a loss after burning through 992 million euros ($1 billion) for the fiscal year to the end of March and writing down the value of its stake in a key Russian supplier, it said ...