Business

Bombardier reports 'good financial results'

Bombardier reported net income of $707 million for the year ended Jan. 31, compared with $1 billion last fiscal year, the company announced today.

It said overall financial reports for the fourth quarter and the year were good in what it called a difficult economic environment.

"Against a challenging economic backdrop, we delivered good financial results. We took the downturn as an opportunity to fine-tune the way we operate in order to execute better and cut costs intelligently," president and CEO Pierre Beaudoin said in a statement.

Bombardier reported revenue of $19.4 billion for the year, compared with $19.7 billion last fiscal year, and said the overall backlog stood at $43.8 billion, compared to $48.2 billion a year earlier.

Bombardier Aerospace recorded revenue for the fiscal year of $9.4 billion compared with $10 billion for the previous year.

Its backlog totaled $16.7 billion on January 31, compared with $23.5 billion the same time a year ago.

The aerospace division recorded 11 net orders for the year — 213 orders and 202 cancellations.

That compares with 367 net orders — 432 orders and 56 cancellations — in the previous fiscal year.

The company delivered 302 aircraft compared with 349 a year ago.

Bombardier expects to deliver 15 percent fewer business aircraft this year and 20 percent fewer commercial aircraft.

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