Bombardier Aerospace reports fourth quarter and year end results

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By admin February 16, 2015 17:31

Bombardier Aerospace reports fourth quarter and year end results

Bombardier Aerospace’s revenues amounted to $3.3 billion for the three-month period ended December 31, 2014, compared to $2.9 billion for the same period last fiscal year, an increase of 15.8%. For the year, revenues totalled $10.5 billion, compared to $9.4 billion last fiscal year, an increase of 11.9%.

Negative EBIT totalled $1.3 billion, or (39.2)% of revenues, for the fourth quarter, compared to EBIT of $93 million, or 3.2% for the same period last fiscal year. For the year, negative EBIT totalled $995 million, or (9.5)%, compared to EBIT of $418 million, or 4.5%, last fiscal year. For the fourth quarter, EBIT before special items totalled $54 million, or 1.6% of revenues, compared to $94 million, or 3.3%, for the same period last fiscal year. For the year, EBIT before special items totalled $437 million, or 4.2%, compared to $388 million, or 4.1%, last fiscal year.

Free cash flow amounted to $29 million (including net additions in PP&E and intangible assets of $449 million) for the fourth quarter ended December 31, 2014, compared to $87 million (including net additions in PP&E and intangible assets of $591 million) for the same period last fiscal year. For the year, free cash flow usage amounted to $1.1 billion (including net additions in PP&E and intangible assets of $1.9 billion), compared to a usage of $1.2 billion last fiscal year (including net additions in PP&E and intangible assets of $2.2 billion).

Bombardier Aerospace delivered a total of 101 aircraft during the fourth quarter ended December 31, 2014, compared to 83 for the same period last fiscal year, and received 67 net orders, compared to 252, for the same period last fiscal year. The group delivered 290 aircraft for the year, compared to 238 last fiscal year. The net orders reached 282, compared to 388 last fiscal year. Its backlog reached a level of $36.6 billion as at December 31, 2014, compared to $37.3 billion as at December 31, 2013.
The first four CS100 FTVs continue with flight testing activities and, as of February 10, 2015, 967 flight hours were accomplished. On-the-ground testing activities on FTV5 are ongoing and it is expected to be handed over to the flight test team by the end of the first quarter of 2015. The first CS300 aircraft has been handed over to the flight test team and is being readied for its first flight which is expected to take place by the end of the first quarter of 2015. The total CSeries firm orders and other agreements reached 563, with 21 customers in 18 countries, including 243 firm orders.
In 2014, Bombardier delivered 204 business aircraft compared to 180 the previous year and continues to be the business aircraft market leader in terms of units delivered and second in terms of revenues.

Subsequent to the end of the year, Bombardier announced the pause of its Learjet 85 business aircraft program. The pause follows a downward revision of Bombardier’s business aircraft market forecast, primarily due to the continued weakness of the light aircraft category since the economic downturn.

In 2015, Bombardier Business Aircraft expects an EBIT margin of approximately 7% an improvement of approximately 1% compared to 2014, cash flows from operating activities between $1.0 billion and $1.4 billion, net additions to PP&E and intangibles of approximately $1.0 billion and approximately 210 aircraft deliveries.

In 2015, Bombardier Commercial Aircraft expects a negative EBIT of approximately $200 million, including the dilutive impact of the initial years of production of the CSeries program, neutral cash flows from operating activities, net additions to PP&E and intangibles of approximately $900 million. The business segment also expects approximately 80 aircraft deliveries.

In 2015, Bombardier Aerostructures and Engineering Services expects an EBIT margin of approximately 4%, neutral cash flows from operating activities, net additions to PP&E and intangibles of approximately $100 million and revenues of approximately $1.8 billion, mainly from internal contracts with Business and Commercial aircraft segments.

admin
By admin February 16, 2015 17:31