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Published on : Thursday, October 31, 2013
Bombardier today reported its financial results for the third quarter ended September 30, 2013. Revenues totalled $4.1 billion for the quarter, compared to $4.2 billion for the same period last fiscal year.
For the third quarter ended September 30, 2013, earnings before financing expense, financing income and income taxes (EBIT) totalled $210 million, or 5.2% of revenues, compared to $240 million, or 5.7%, for the same period last year.
On an adjusted basis, net income amounted to $165 million, or earnings per share (EPS) of $0.09, for the third quarter ended September 30, 2013, compared to $173 million, or EPS of $0.09, for the same period the previous year.For the three-month period ended September 30, 2013, free cash flow usage (cash flows from operating activities less net additions to property, plant and equipment and intangible assets) amounted to $522 million, compared to a usage of $187 million for the same period last year. As at September 30, 2013, available short-term capital resources of $4.0 billion included cash and cash equivalents of $2.6 billion, the same levels as compared to December 31, 2012. The overall backlog reached $65.5 billion as at September 30, 2013, compared to $64.9 billion as at December 31, 2012.
“In Aerospace, results were in line with our guidance, but the low order intake and overall market conditions were a disappointment,” said Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc. “And in September, the CSeries had its first flight thus starting the extensive flight test program.”“Our revenues in Transportation have increased and free cash flow has also slightly improved. The overall market remains resilient and as illustrated by some order wins during the quarter, our penetration of new regions continues to be strong.”
“Our significant ongoing investments in the development of new products, combined with our $65.5 billion backlog, represent the core elements for our strong growth story to take shape,” concluded Mr. Beaudoin.Bombardier Inc. also announced the appointment of Mr. Patrick Pichette to its Board of Directors. Mr. Pichette is Chief Financial Officer at Google Inc. He was at Bell Canada from 2001 to 2008, during which time he held various executive positions including Chief Financial Officer. Prior to joining Bell Canada, Mr. Pichette was a partner at McKinsey & Company. He earned a bachelor’s degree in business administration from Université du Québec à Montréal. He also holds a master’s degree in philosophy, politics and economics from Oxford University, where he attended as a Rhodes Scholar.