Bombardier QI results; SWISS to be the first airline to operate the CS100 aircraft; IPO announced

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By admin May 8, 2015 11:52

Bombardier QI results; SWISS to be the first airline to operate the CS100 aircraft; IPO announced

Bombardier has reported revenues of $4.4 billion for the first quarter of 2015, compared to $4.4 billion for the same period last fiscal year. For the first quarter ended March 31, 2015, earnings before financing expense, financing income and income taxes (EBIT) totalled $228 million, or 5.2% of revenues, compared to $207 million or 4.8% for the same period last fiscal year. EBIT before special items totalled $237 million, or 5.4% of revenues, compared to $219 million or 5.0% for the same period last fiscal year.

Net income totalled $100 million, or diluted earnings per share (EPS) of $0.05, compared to $115 million or $0.06 for the same period the previous year. On an adjusted basis, net income amounted to $170 million, or EPS of $0.09, for the first quarter ended March 31, 2015, compared to $151 million, or $0.08, for the same period the previous year.

For the three-month period ended March 31, 2015, free cash flow usage (cash flows from operating activities less net additions to property, plant and equipment (PP&E) and intangible assets) amounted to $745 million, compared to a usage of $915 million for the same period last year. As at March 31, 2015, available short-term capital resources of $6.0 billion included cash and cash equivalents of $4.7 billion, compared to $3.8 billion and $2.5 billion, respectively as at December 31, 2014. The overall backlog was at $65.8 billion as at March 31, 2015, compared to $69.1 billion as at December 31, 2014.

During the first quarter, as part of the financing plan announced last February, Bombardier closed an $868 million public offering of equity and issued a $2.25 billion aggregate amount of unsecured Senior Notes, both oversubscribed. Of this amount, $750 million of Senior Notes due in 2016 were redeemed in advance on April 29, 2015.

Bombardier is preparing for an initial public offering (IPO) of a minority stake in Bombardier Transportation. When completed, the IPO is expected to crystallize the full value of Bombardier Transportation and further strengthen the Corporation’s financial position, while preserving flexibility should it wish to participate in future rail equipment industry consolidation. The IPO is currently expected to take place in the fourth quarter of this year, subject to market conditions, with the primary listing venue likely to be Germany, where the business segment is headquartered. After the IPO, Bombardier Transportation will continue to be controlled by Bombardier Inc. and consolidated in its financial results.

“The past few months have been very busy and much has been accomplished”, said Alain Bellemare, President and Chief Executive Officer, Bombardier Inc. “The first quarter results were generally positive, with revenues, EBIT and deliveries mostly on target. We’ve successfully completed two components of our financing plan which brought our liquidity up to $6 billion.”

Bellemare added in reference to the planned IPO that “Bombardier Transportation is not for sale. We like this business and it will remain part of Bombardier Inc.,” he said.
Bombardier has also announced that Swiss International Air Lines, a division of Lufthansa, will be the first customer to take delivery and operate the CS100 aircraft.

admin
By admin May 8, 2015 11:52