Bizjet Sales Boost Bombardier’s Financial Condition
Bombardier’s bottom line was bolstered by “solid” demand for its business jets, and the company said it plans to increase production to ease record backlogs. Additionally, the Canadian company said that the Bombardier and Beaudoin families’ management dynasty will continue, with the appointment of Pierre Beaudoin as president and CEO of Bombardier, effective June 4. Pierre’s father, Laurent Beaudoin, remains chairman of the board. In its third-quarter fiscal year 2008 results released yesterday, the Canadian company saw pre-tax profits reach $201 million, compared with $105 million during the same period last year. Bombardier Aerospace accounted for $122 million of this total, while the division’s backlog soared to a new record level of $19.6 billion, an increase of $6.4 billion since January 31. The company recorded net orders for 112 business jets in the third quarter, almost double the figure in the same period last year. Bombardier says it has received letters of intent for more than 85 copies of its recently unveiled Learjet NXT.