Bombardier sees revenue, earnings rise
01/10/2012 12:25 PM
08/08/2014 10:06 AM
Bombardier’s revenue and earnings rose 16 percent and 31 percent respectively during the third quarter, beating analysts’ expectations.
The company recorded revenue of $4.6 billion for the quarter, up from $4 billion the same time a year ago. Net income, meanwhile, totaled $192 million, up from $147 million for the same time last year.
Bombardier’s aerospace division made a “good level” of deliveries, and backlog has increased 16 percent to $22.3 billion since the beginning of the year, the company said in an earnings report Thursday.
The company established a memorandum of understanding to establish a manufacturing facility in Morocco.
The move “illustrates our commitment to keep on developing a global, competitive manufacturing footprint,” Pierre Beaudoin, Bombardier president and CEO, said in a statement. The facility reduces its reliance on third parties for structural aircraft components, the company said.
Bombardier Aerospace recorded $2.3 billion in revenue in the quarter, compared with $1.8 billion a year ago. The company delivered 68 planes, including 43 business aircraft. That compares with 51 a year ago, including 31 business aircraft. The aerospace group took 34 net orders in the quarter, compared with 23 a year ago. That included 30 net orders for business aircraft and four orders for commercial planes.
Super-large and large business jets are still in demand, while demand is soft for the smaller Learjet model business jets, officials said.
The company said it’s working to meet a 2013 target for the debut of its CSeries jetliner, while trimming output of CRJ regional jets to meet diminished demand at some airlines.
“What we are driving for is delivering for 2013,” Beaudoin said of the CSeries during a conference call with reporters and analysts. “We’re focused also on meeting the various customers, our promises that we made through the orders, and also we’re very focused on making sure that this airplane delivers the performance that was anticipated.”
Bombardier has changed its financial year-end from Jan. 31 to Dec. 31, effective this month. As a result, the company will record two months of activity in the fourth quarter instead of three, and year-end results will contain 11 months of results.
Contributing: Bloomberg News