Bombardier Aerospace “is starting to see signs of recovery as shown by the significant reduction in business aircraft order cancellations,” Bombardier president and CEO Pierre Beaudoin said early last month. During the second quarter ending July 31, Bombardier took gross orders for 26 business jets but had 12 cancellations, resulting in net orders for 14 business aircraft.
Bombardier announced its financial results for the fourth quarter of its fiscal year and for the year ending Jan. 31, 2010.
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.
9:00 5-1-2010The end of 2009 just may have signaled the low point of the recession. But before anyone breaks out the champagne, take note of the fact that this year hasn’t started out with a bang so much as a deep breath and hopeful sigh of relief.
The future of Bombardier Aerospace’s commercial airline business might well hinge on what becomes of the final product that emerges from yesterday’s official ground breaking of a new complex in Mirabel, Canada, dedicated to the C Series airliner.
Bombardier Aerospace released its first-quarter results yesterday, reporting a net profit of $158 million for the quarter ending April 20, down from $229 million for the same quarter last year. Overall revenue slipped to $4.5 billion from $4.8 billion.
Montreal-based Bombardier on Thursday announced that revenues increased by 13 percent to $19.7 billion in the fiscal year ending January 31. Meanwhile, its profits nearly tripled from the previous fiscal year to $1 billion for FY2009.
Montreal-based Bombardier Aerospace last year delivered 239 business jets, seven more than the previous year, and further took net orders for 262 more, though it is girding for a tougher 2009. The aircraft manufacturer said today that it expects to ship about 10 percent fewer business aircraft this year due to the global recession.
On Thursday, Bombardier reported a year-over-year revenue increase of 22 percent, to $4.9 billion, in its second fiscal quarter ending July 31, thanks in large part to its aerospace division. The company’s aerospace division contributed $2.5 billion of these revenues in the quarter, up from $2.2 billion in the same period last year.
General Electric has purchased the bulk of Bombardier Capital’s corporate aircraft leasing and financing business. The selling price of $339 million represents the “book value” of the loans and financial leases outstanding, Bombardier said.
Pierre Beaudoin’s reign as Bombardier president and CEO began on June 4. The younger Beaudoin succeeded his father, Laurent–who will remain chairman of the board of directors–as the head of the Canadian transportation giant.