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Bombardier Announces Financial Results for the Third Quarter Ended October 31, 2009
Bombardier Announces Financial Results for the Third Quarter Ended October 31, 2009
Bombardier today reported its financial results for the third quarter ended October 31, 2009. Revenues reached the same level as last year at $4.6 billion. Earnings before financing income, financing expense and income taxes (EBIT) totalled $262 million, compared to $296 million last fiscal year, while the EBIT margin reached 5.7% compared to last year’s 6.5%. Net income amounted to $168 million, compared to $226 million for the same period last fiscal year. Free cash flow (cash flows from operating activities less net additions to property, plant and equipment and intangible assets) stood at $72 million for the third quarter, compared to a free cash flow usage of $226 million for the same period last fiscal year. The cash position remains strong at $3 billion, compared to $3.5 billion as at January 31, 2009. The overall backlog stood at $47.4 billion, compared to $48.2 billion as at January 31, 2009. “Despite early signs of a recovery, the economic environment remains difficult and continued to impact our activities and financial results, especially in Bombardier Aerospace”, said Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc. “However, Bombardier Transportation continues to improve its revenues, profitability and order intake.” “Our backlog and balance sheet are strong. Both groups continue to look for ways to reduce overall costs in their operations and improve their working capital, while maintaining investments in new product development. We will be ready when the economy recovers”, concluded Mr. Beaudoin. Bombardier Aerospace Bombardier Aerospace’s revenues amounted to $2.1 billion, compared to $2.3 billion last fiscal year. EBIT totalled $103 million, or 5% of revenues, compared to $176 million, or 7.7%, for the same period last fiscal year. Free cash flow for the third quarter ended October 31, 2009 reached $61 million compared to $9 million for the same period last fiscal year. The backlog stood at $18.1 billion as at October 31, 2009, compared to $23.5 billion as at January 31, 2009. Although the business aircraft market is still experiencing difficulties, there are some signs of stabilization. Bombardier Business Aircraft net orders for the third quarter ended October 31, 2009 returned to a positive position for the first time since the third quarter of last fiscal year. Bombardier Commercial Aircraft experienced a low level of order intake during the three-month period ended October 31, 2009 reflecting the significantly reduced demand for commercial aircraft, consistent with the current worldwide economic environment. However, subsequent to quarter end, AMR Eagle Holding Corporation, the parent company of American Eagle Airlines, Inc., signed a firm order agreement for 22 CRJ700 regional jets, for a value of approximately $779 million. The transaction represents the conversion of 22 of the options held by the airline. Despite this recent order, projected CRJ aircraft sales remain insufficient to maintain the current production plan. Bombardier Aerospace thus announced on November 26 a further reduction of the CRJ aircraft production rates. Total deliveries of 61 aircraft compare to 80 for the same period last fiscal year with the Commercial Aircraft segment contributing 27 of these deliveries compared to 22 last fiscal year. Bombardier Aerospace continues to invest in products, such as the CRJ1000 NextGen regional jet, the Global Vision flight deck, the Learjet 85 and the CSeries aircraft. Highlights of the CSeries program include the groundbreaking of the new testing facility in Mirabel, Canada, and the construction of a new state-of-the-art aircraft wing manufacturing and assembly facility in Belfast, Northern Ireland. Bombardier Aerospace’s revenues amounted to $2.1 billion for the three-month period ended October 31, 2009, compared to $2.3 billion for the same period the previous year. The decrease is mainly due to a decrease in manufacturing revenues reflecting lower deliveries and selling prices for business aircraft, partially offset by a higher percentage of wide-body aircraft deliveries; partially offset by higher revenues for commercial aircraft mainly due to higher deliveries. For the third quarter ended October 31, 2009, EBIT totalled $103 million, or 5% of revenues, compared to $176 million, or 7.7% of revenues, for the same period the previous year. The 2.7 percentage-point decrease is mainly due to lower selling prices for business aircraft, higher cost of sales per unit, mainly due to price escalations of materials, the mix between business and commercial aircraft deliveries, lower margins for services activities, a provision for the write-down of inventories mainly due to lower market values for pre-owned aircraft, and the net negative impact in other expense (income) from the revaluation at the balance sheet date of certain balance sheet accounts in foreign currencies; partially offset by liquidated damages from customers, mainly as a result of business aircraft order cancellations, a net positive variance on certain financial instruments carried at fair value, lower selling, general and administrative expenses, mainly due to lower business aircraft deliveries, and lower amortization expense due to the aerospace program tooling on some aircraft models being fully amortized. Free cash flow amounted to $61 million for the third quarter ended October 31, 2009, compared to $9 million for the same period last fiscal year. The free cash flow increase is mainly due to a positive period-over-period variation in net change in non-cash balances related to operations; partially offset by lower profitability, and higher net additions to property, plant and equipment and intangible assets. For the quarter ended October 31, 2009, Bombardier Aerospace delivered 61 aircraft, compared to 80 for the same period the previous year. The 61 deliveries consisted of 33 business, 27 commercial, and one amphibious aircraft (57 business, 22 commercial and one amphibious aircraft for the corresponding period last fiscal year). Bombardier Aerospace received seven net orders during the quarter ended October 31, 2009, compared to 68 during the corresponding period the previous year. The seven net orders comprised two business, one commercial and four amphibious aircraft (48 business and 20 commercial aircraft for the corresponding period last fiscal year). Bombardier Aerospace’s firm order backlog reached $18.1 billion as at October 31, 2009, compared to $23.5 billion as at January 31, 2009. The decrease reflects the significantly higher business aircraft order cancellations, as well as an overall level of new orders lower than revenues in business aircraft and regional jets, partially offset by orders received for the CSeries family of aircraft in the first quarter of the current fiscal year.

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