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Bombardier Announces Financial Results for the First Quarter Ended April 30, 2009

Written by thomas · Filed Under Aeronautics News 

June 5, 2009

thomas

MONTREAL, QUEBEC–(Marketwire – June 3, 2009) – Bombardier Inc. (TSX:BBD.A)(TSX:BBD.B)

(All amounts in this press release are in U.S. dollars unless otherwise indicated.)

– Consolidated revenues of $4.5 billion, compared to $4.8 billion last fiscal year

– EBITDA of $355 million, compared to $464 million last fiscal year

– EBIT of $235 million, compared to $324 million last fiscal year

– Net income of $158 million, or diluted earnings per share of $0.09, compared to $229 million, or diluted earnings per share of $0.12, last fiscal year

– Free cash flow usage of $817 million, compared to a free cash flow of $560 million last fiscal year

– Cash position of $2.7 billion

– Backlog of $47.4 billion

Bombardier today released its financial results for the first quarter ended April 30, 2009. Revenues reached $4.5 billion, compared to $4.8 billion, while earnings before financing income, financing expense and income taxes (EBIT) totalled $235 million, compared to $324 million last fiscal year. The EBIT margin at 5.3% compares to last year’s 6.8%.

Net income reached $158 million, compared to $229 million for the same period last year. Diluted earnings per share (EPS) reached $0.09, compared to diluted EPS of $0.12 last fiscal year. The overall backlog totalled $47.4 billion, compared to $48.2 billion as at January 31, 2009.

Free cash flow (cash flows from operating activities less net additions to property, plant and equipment and intangible assets) usage totalled $817 million. The cash position stands at $2.7 billion as at April 30, 2009, compared to $3.5 billion on January 31, 2009.

“The severe recession affecting most economies worldwide has continued to have a negative impact on our first quarter financial results. At Bombardier Aerospace, although overall deliveries have held up relatively well during the quarter, cancellations in business aircraft have outpaced the level of new orders,” said Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc.

“For the rail industry, the fundamentals remain strong and the recession is not currently expected to have a significant impact. At Bombardier Transportation, we are making headway with our plan to increase profitability as EBIT margin reached 5.6% in the first quarter compared to 4.9% last year.”

“We are taking action to cope with the present economic situation and we continue to invest in new products such as the CSeries, the Learjet 85, the ZEFIRO high-speed train and the ECO4 suite of technologies. At $47.4 billion, our large and well diversified backlog, combined with our strong balance sheet, high level of liquidity, and the cost cutting measures already in place, will enable us to weather the storm,” added Mr. Beaudoin.

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