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2014-05-01

Bombardier Inc.: Bombardier Announces Financial Results for the First Quarter Ended March 31, 2014

Bombardier Inc. / Bombardier Announces Financial Results for the First Quarter
Ended March 31,2014 . Processed and transmitted by NASDAQ OMX Corporate
Solutions.The issuer is solely responsible for the content of this
announcement.
MONTREAL, QUEBEC--(Marketwired - May 1, 2014) - Bombardier Inc.
(TSX:BBD.A)(TSX:BBD.B)(OTCQX:BDRBF)

(All amounts in this press release are in U.S. dollars unless otherwise
indicated. This press release contains both IFRS and non-GAAP measures.
Non-GAAP measures are defined and reconciled to the most comparable IFRS
measures in the Corporation's MD&A. See Caution regarding non-GAAP measures
at the end of this press release.)

* Revenues of $4.4 billion, compared to $4.3 billion for the same period last
fiscal year
* EBIT before special items(1) of $219 million, or 5.0% of revenues, compared
to $240 million, or 5.5%, for the same period last fiscal year
* Adjusted net income(1) of $151 million (adjusted EPS(1) of $0.08), compared
to $156 million (adjusted EPS of $0.08) for the same period last fiscal
year
* Free cash flow usage(1) of $915 million, compared to a usage of $590
million for the same period last fiscal year, including a net investment of
$500 million in PP&E and intangible assets
* Available short-term capital resources of $3.9 billion, including cash and
cash equivalents of $2.5 billion as at March 31, 2014, compared to $4.8
billion and $3.4 billion, respectively, as at December 31, 2013
* Record backlog of $76.9 billion as at March 31, 2014, compared to $69.7
billion as at December 31, 2013

(1) See Caution regarding non-GAAP measures at the end of this press release.

Bombardier today reported its financial results for the first quarter ended
March 31, 2014. Revenues totalled $4.4 billion for the quarter, compared to
$4.3 billion for the same period last fiscal year.

For the first quarter ended March 31, 2014, earnings before financing expense,
financing income and income taxes (EBIT) was $207 million, or 4.8% of
revenues, compared to $240 million, or 5.5%, for the same period last fiscal
year. EBIT before special items totalled $219 million, or 5.0% of revenues,
compared to $240 million, or 5.5%, for the same period last fiscal year.

Net income totalled $115 million, or earnings per share (EPS) of $0.06,
compared to $148 million or $0.08 for the same period the previous year. On
an adjusted basis, net income amounted to $151 million, or EPS of $0.08, for
the first quarter ended March 31, 2014, compared to $156 million, or $0.08,
for the same period the previous fiscal year.

For the three-month period ended March 31, 2014, free cash flow usage (cash
flows from operating activities less net additions to property, plant and
equipment (PP&E) and intangible assets) amounted to $915 million, compared to
a usage of $590 million for the same period last year. As at March 31, 2014,
available short-term capital resources of $3.9 billion included cash and cash
equivalents of $2.5 billion ($4.5 billion and $3.0 billion on a pro forma
basis) (1)
, compared to $4.8 billion and $3.4 billion, respectively as at December 31,
2013. The overall backlog reached $76.9 billion as at March 31, 2014,
compared to $69.7 billion as at December 31, 2013.

"
We're satisfied with our first quarter results and we're on track to meet our
full-year guidance for 2014," said Pierre Beaudoin, President and Chief
Executive Officer, Bombardier Inc. "We achieved important milestones such as
the successful maiden flight of the Learjet 85
in April and we received a record $8 billion of new orders at Bombardier
Transportation."

"Our continued investment in a leading portfolio of products is paying off, as
demonstrated by our record backlog of $76.9 billion which sets the stage for
strong revenue growth over a five-year horizon," concluded Mr. Beaudoin.

As part of a pro-active management of liquidity and maturities, in March 2014,
Bombardier extended the availability periods of Bombardier Aerospace and
Bombardier Transportation's letter of credit facilities and its unsecured
revolving credit facilities by one year each. In April 2014, Bombardier
issued, an aggregate of $1.8 billion of unsecured Senior Notes, comprised of
$600 million due April 2019 and $1.2 billion due October 2022. The net
proceeds will be used to refinance approximately $1.3 billion of existing
debt and for general corporate purposes.

As a result of this transaction, Bombardier has improved its financial
flexibility by extending by approximately one year the weighted average
maturity of its debt to 7.1 years and adding approximately $500 million to
its available short-term capital resources.

(1) Gives effect to the April 2014 debt issuance.

Bombardier Aerospace

Bombardier Aerospace's revenues amounted to $2.1 billion for the three-month
period ended March 31, 2014, compared to $2.3 billion for the same period
last fiscal year. EBIT totalled $93 million, or 4.5% of revenues for the
first quarter, compared to $101 million, or 4.5%, last fiscal year. EBIT
before special items totalled $105 million, or 5.0% of revenues, for the
first quarter ended March 31, 2014, compared to $101 million, or 4.5%, last
fiscal year. Free cash flow usage amounted to $545 million (including net
additions to PP&E and intangible assets of $484 million) for the first
quarter ended March 31, 2014, compared to a usage of $461 million (including
net additions to PP&E and intangible assets of $503 million) for the same
period last fiscal year.

Bombardier Aerospace delivered a total of 56 aircraft during the first quarter
ended March 31, 2014, compared to 53 for the same period last fiscal year,
and received 91 net orders, compared to 28 for the same period last fiscal
year.

In Commercial Aircraft, Bombardier Aerospace received a total of 17 firm
orders for Q400 NextGen
turboprops from six customers, from North America, the Middle East and
Asia-Pacific. It also signed a firm order with Al Qahtani Aviation Company
from the Kingdom of Saudi Arabia for 16 CS300
aircraft, valued at $1.2 billion based on list price, with options for an
additional 10. As of today, the group has signed firm orders and other
agreements for a total of 447 CSeries
aircraft with 18 customers and operators in 15 countries, including 203 firm
orders.

The CSeries
aircraft program continues to make solid progress. The results of testing
thus far, including testing at the climatic chamber at Eglin Air Force Base
in Florida, are in line with our expectations. We have expanded the flight
envelope to the maximum operating altitude of 12,497 metres (41,000 feet) and
the maximum operating speed of Mach 0.82 (871 km/h). In the coming weeks, the
fourth CSeries
flight test vehicle (FTV4) is expected to complete its first flight.

During the first quarter, Business Aircraft signed a firm order with an
undisclosed customer for three Global
6000
, two Global 7000
and threeGlobal 8000
business jets, for a total value of $537 million based on list prices. On
April 9, the maiden flight of the first Learjet 85
flight test vehicle was successfully completed. Additional flights have since
occurred and proceeded as expected and no major issues were identified. An
update on the entry-into-service date will be provided once the review of the
flight test program timeline has been completed.

Bombardier Aerospace's backlog reached a record level of $38.5 billion as at
March 31, 2014, compared to $37.3 billion, as at December 31, 2013.

Bombardier Transportation

Bombardier Transportation's revenues amounted to $2.3 billion for the
three-month period ended March 31, 2014, compared to $2.1 billion for the
same period last year, an increase of 7% excluding currency impacts. EBIT
totalled $114 million, or 5.0% of revenues, compared to $139 million, or
6.7%, for the same quarter the previous year. Free cash flow usage totalled
$256 million for the quarter ended March 31, 2014, compared to a usage of $73
million for the same period last fiscal year.

New orders reached $8.0 billion (book-to-bill ratio of 3.5), compared to $2.0
billion for the same quarter last fiscal year, bringing the order backlog to
a new record level at $38.4 billion as at March 31, 2014, compared to $32.4
billion as at December 31, 2013.

During the first quarter, the group received the following significant orders.
As part of a consortium, Bombardier Transportation signed a contract with the
State of Queensland, Australia, for the New Generation Rollingstock Project.
Its share of the contract, consisting of the supply of electrical multiple
units, the construction of a purpose-built maintenance depot and 30 years of
fleet maintenance services, is valued at approximately $2.7 billion. The
group signed a contract with Transport for London, U.K., to provide 65
nine-car AVENTRA
trains and a new purpose-built depot for the London Crossrail project. The
contract, which also includes fleet maintenance, is valued at approximately
$2.1 billion. A contract was signed with Transnet Freight Rail, South Africa,
for the delivery of 240 TRAXX
locomotives valued at approximately $1.2 billion and finally, San Francisco
Bay Area Rapid Transit District (BART), U.S., exercised an option for 365
additional rail cars, valued at approximately $639 million, bringing the
total firm orders to 775 cars for a value of approximately $1.5 billion.

---------------------------------------------------------------------------------------------------------------
|FINANCIAL HIGHLIGHTS |
|(in millions of U.S. dollars, except per share amounts) |
|Three-month periods ended March 31 2014 2013 |
| BA BT Total BA BT Total |
| |
|Results of operations |
|Revenues $ 2,089 $ 2,265 $ 4,354 $ 2,258 $ 2,081 $ 4,339 |
|Cost of sales 1,802 1,959 3,761 1,951 1,772 3,723 |
|Gross margin 287 306 593 307 309 616 |
|SG&A 157 181 338 158 186 344 |
|R&D 40 36 76 42 28 70 |
|Share of income of joint ventures and associates - (22 ) (22 ) - (44 ) (44 ) |
|Other expense (incom...

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