Bombardier (T.BBD.A) slips 10% on reporting $18.2 bil revenues for 2013

Gaalen Engen Gaalen Engen,
0 Comments| February 13, 2014

Bombardier (TSX:BBD.A, StockForum), a Montreal-based manufacturer of transportation equipment for both transportation and aviation industries, released results from its fourth quarter and year-end for the period ending December 31, 2013.


During 2013, the company posted $18.2 billion in revenues, $1.8 billion over $16.4 billion recorded in the previous fiscal cycle with EBIT coming in at $923.0 million, or 5.1% of revenues versus $666.0 million or 4.1% reported last year.


According to the news release, net income totaled $572.0 million, or $0.33 per share, well above last year's figures of $470.0 million, or $0.25 per share while a net investment of $2.3 billion in property, plant and equipment and intangible assets was reported.


Free cash flow usage was $907.0 million, up from $636.0 million last year with available short-term capital resources totaling $4.8 billion including cash and cash equivalents of $3.4 billion as of December 31, 2013.


Bombardier president and CEO, Pierre Beaudoin, commented, “2013 was a good year for Bombardier with major milestones reached in our product development: the CSeries had its first flight in September and is now well into its extensive flight test program. Both the Learjet 70 and 75 aircraft have entered into-service and in Transportation, the ZEFIRO 380 very high speed train is progressing well towards homologation.”


He continued, “Aerospace as well as Transportation had another year of strong orders bringing our backlog to a record $69.7 billion, offering great visibility on revenues for the next four years. And 2014 is off to an impressive start with more than $5 billion of new orders already obtained since the beginning of the year.”


Then finally summed up, “We're both excited and realistic about the next two years. We've continued to invest during challenging times to improve our leadership position in the market place. We have one overriding objective and commitment: generating strong, sustainable, profitable growth. And our investments are about to pay off.”


Bombardier was in the news recently when US-Bangla Airlines announced its intention to launch operations with two Bombardier Q400 aircraft.


Shares dropped 10.54% on the news to $3.65 per share.


Currently there are 314.5m outstanding shares with a market cap of $1.2 billion.


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