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Bombardier Aerospace announces Q3 earnings

  1. Bombardier announces Q3 earnings


    Bombardier today reported its financial results for the third quarter ended September 30, 2012. Revenues totalled $4.3 billion, compared to $4.6 billion for the corresponding period last fiscal year. Earnings before financing expense, financing income and income taxes (EBIT) totalled $248 million, versus $301 million last fiscal year. The EBIT margin was at 5.7%, compared to 6.5% last fiscal year.

    Net income for the third quarter ended September 30, 2012 amounted to $212 million, compared to $192 million for the corresponding period last fiscal year. Diluted earnings per share (EPS) was $0.12, compared to diluted EPS of $0.11 last fiscal year. Free cash flow usage (cash flows from operating activities less net additions to property, plant and equipment and intangible assets) totalled $237 million for the third quarter ended September 30, 2012, compared to a usage of $346 million last fiscal year. The level of liquidity at $3.5 billion includes cash and cash equivalents of $2.1 billion as at September 30, 2012, compared to $4.1 billion and $3.4 billion respectively as at December 31, 2011. The overall backlog increased by $4.7 billion since the beginning of the year, reaching $58.6 billion as at September 30, 2012.

    “In Aerospace, since the beginning of the year, substantial headway has been made in the CSeries development program and testing is progressing well,” said Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc. “We have used the momentum gained over the last few months to meet a number of key milestones, however, some areas require more time. Together with our suppliers, we have now fully harmonized all commitments to the program's schedule. Therefore, the CS100 aircraft’s first flight will now occur by the end of June 2013 – a timeline that all parties have agreed is achievable. We will continue to give regular updates on the program, with a more detailed review during the first quarter of next year.”

    “Transportation, again this quarter, benefited from its wide market reach with a good level of new orders across all its segments. With a book-to-bill ratio of 1.1 so far this year, its backlog reached $32.5 billion as at September 30, 2012. In Aerospace, revenues for the quarter were stable at $2.3 billion with overall deliveries reaching 57 aircraft compared to 68 last year. Demand for our products has proven solid with a total of 297 firm orders since the beginning of the year compared to 206 last year.”

    “Although the economy remains sluggish, our product and geographic diversification have allowed us to continue building a strong backlog of $58.6 billion while investing in new platforms and maintaining stable results. The years ahead promise to be exciting as we start seeing our new products come to life,” concluded Mr. Beaudoin.

    The CSeries aircraft development program is making solid progress. The build for both the Complete Airframe Static Test (CAST) and the first flight test aircraft is progressing well. Results from the on-the-ground integrated systems test and certification rig (CIASTA/Aircraft 0) are as expected. A number of key milestones have already been met, but at this point in the program the Aerospace group has encountered certain issues, mainly related to some suppliers. Therefore, first flight will now take place by the end of June 2013 and it is expected that entry-into-service (EIS) of the CS100 aircraft will occur approximately one year after first flight. The timeline for the CS300 aircraft, which represents a significant portion of the program’s orders and commitments, remains unchanged with EIS scheduled for the end of 2014.

    For more information:

    Bombardier Aerospace
    400 Côte-Vertu Road
    West Dorval, Quebec H45 1Y9
    Canada
    www.bombardier.com

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