Bombardier Announces FY2010 Financials
Bombardier this morning released its financial results for the fourth quarter of its fiscal year and the year ending January 31, and the slippage appeared minimal. Total revenues for both commercial and business aircraft totaled $9.4 billion, down slightly from $10 billion in the previous fiscal year, and the total backlog for both sectors was $16.7 billion, compared with $23.5 billion as of Jan. 31, 2009. The Canadian OEM delivered 176 business jets in FY2010, compared with 235 in the previous year. Its bizjet deliveries for the FY2011 are forecast to be 15 percent lower than FY2010. Bombardier president and CEO Pierre Beaudoin expressed confidence about this year and next, saying profitability should be higher in the second half of this year as a result of a more favorable pricing environment, and order intake is likely to be higher as well. He added that pricing has stabilized and appears to be creeping up, although new aircraft sales are not likely to show a healthy increase until buyers burn through the best of the current used aircraft inventory.