Bombardier Flying High as New Chief Takes Reins

 - June 5, 2008, 11:24 AM

The business jet industry “remains strong,” according to newly appointed Bombardier president and CEO Pierre Beaudoin, who released first quarter financial results during an investors conference call yesterday. Revenues for Bombardier Aerospace increased 5 percent, from $2.26 billion in the first fiscal quarter last year to $2.38 billion in the same period this year. Earnings before financing income, financing expense and income taxes rose 8.7 percent due to year-over-year increases in first-quarter deliveries, climbing from 78 to 87 aircraft, according to Bombardier senior vice president and CFO Pierre Alary. Free cash flow in the aerospace division also increased to $290 million from $66 million last year, and the backlog increased 6 percent to a record $24.1 billion. In addition, 120 letters of intent for the Learjet 85 are being converted to firm orders, Beaudoin said. Meanwhile, Beaudoin yesterday took over as president and CEO, replacing his father, Laurent, who will remain chairman of the board. Pierre Beaudoin has been with Bombardier for 22 years and previously served as president and COO of Bombardier Aerospace. “We’ve performed well at all levels,” he said yesterday, “and we’re well positioned for the future.”