Bombardier has posted revenues of $4.3 billion for the first quarter ended March 31, 2013, compared to $3.5 billion for the same period last fiscal year.
Earnings before financing expense, financing income and income taxes (EBIT) before special items totalled $240 million, or 5.5% of revenues, compared to $188 million, or 5.4%, for the same period last year.
On an adjusted basis, net income amounted to $156 million, or earnings per share (EPS) of $0.08, for the first quarter ended March 31, 2013, compared to $150 million, or EPS of $0.08, for the same period the previous year.
“We had a good first quarter, with an overall increase in revenues of 25%,” said Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc. “Aerospace is showing increased deliveries, revenues and EBIT, and the CSeries tests are progressing well with first flight next month.”
Bombardier Aerospace’s revenues amounted to $2.3 billion for the three-month period ended March 31, 2013, compared to $1.5 billion for the same period last fiscal year. EBIT before special items totalled $101 million or 4.5% of revenues for the first quarter ended March 31, 2013, compared to $66 million, or 4.4%, last fiscal year.
A total of 53 aircraft were delivered during the first quarter ended March 31, 2013, compared to 37 for the same period last fiscal year, including 39 business aircraft, compared to 29 for the same quarter last fiscal year.
Bombardier Aerospace signed a purchase agreement with Russia’s Ilyushin Finance (IFC) to acquire 32 CS300 aircraft, with options for an additional 10. This agreement is subject to approval by the company’s shareholders and follows a letter of intent signed in 2011. Based on the list price, the conditional order for 32 aircraft is valued at $2.6 billion. Additionally, Danish lessor Nordic Aviation Capital purchased four Q400 NextGen aircraft, bringing its Q400 aircraft fleet to 43.
Subsequent to quarter-end, in April 2013 Porter Airlines was identified as the previously unidentified Americas-based CSeries aircraft customer when it announced the conversion of its letter of intent to a conditional agreement for up to 30 CS100 aircraft. This $2.08 billion-commitment, based on list price, makes Porter Airlines the Canadian CSeries aircraft launch customer. As at March 31, 2013, commitments for the CSeries totalled 388, including 145 firm orders from nine customers in eight countries.
Bombardier Aerospace’s backlog totalled $32 billion as at March 31, 2013, compared to $32.9 billion as at December 31, 2012.
Bombardier Q1 results
