Transportation giant Bombardier reports lower Q1 net profit; revenue up slightly

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MONTREAL - Bombardier Inc. (TSX:BBD.B) is reporting a lower first-quarter net income of US$115 million, or earnings per share of six cents, compared with $148 million, or eight cents, in the same period of 2013.

On an adjusted basis, net income amounted to $151 million, EPS of eight cents, compared with $156 million, or EPS of eight cents, for the same quarter last year.

Revenues for the train and plan manufacturer were ahead slightly at $4.4 billion, compared with $4.3 billion year-over-year.

Bombardier met expectations of eight cents per share in adjusted earnings in the quarter, according to analysts polled by Thomson Reuters. But Bombardier missed expectations of $4.58 billion in revenues.

Bombardier Aerospace's revenues were lower at $2.1 billion for the three-month period ended March 31, compared with $2.3 billion for the same period last fiscal year.

The aerospace division delivered a total of 56 aircraft during the first quarter, compared with 53 for the same period last fiscal year, and received 91 net orders, compared with 28 for the same period last fiscal year.

Bombardier Transportation's revenues were higher at $2.3 billion for the quarter, compared with $2.1 billion for the same period last year, an increase of seven per cent excluding currency impacts.

New orders for the transportation division reached $8 billion, compared with $2 billion for the same quarter last fiscal year, bringing the order backlog to $38.4 billion at the end of March compared with $32.4 billion as of Dec. 31.

"We're satisfied with our first quarter results and we're on track to meet our full-year guidance for 2014," Pierre Beaudoin, president and CEO, said in a statement.

Bombardier recently announced it's freezing the salaries of its roughly 38,000 non-unionized employees as it deals with costly delays in the launch of its CSeries commercial jet.

Organizations: Bombardier Aerospace, TSX, Thomson Reuters

Geographic location: MONTREAL

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