Bombardier today released its financial results for the first quarter ended April 30, 2010. Revenues reached $4.2 billion, compared to $4.5 billion last fiscal year, while earnings before financing income, financing expense and income taxes (EBIT) totalled $224 million, compared to $235 million last fiscal year. The EBIT margin stood at 5.3% for the first quarters ended April 30, 2010 and 2009.
Net income reached $153 million, compared to $158 million for the same period last fiscal year. Diluted earnings per share (EPS) were $0.08 for the first quarter of fiscal year 2011, compared to $0.09 for the same period last fiscal year. The overall backlog totalled $44.4 billion, compared to $43.8 billion as at January 31, 2010.
Free cash flow (cash flows from operating activities less net additions to property, plant and equipment and intangible assets) usage totalled $217 million, compared to a usage of $817 million for the same period last fiscal year. The cash position stands at $3.5 billion as at April 30, 2010, compared to $3.4 billion as at January 31, 2010.
"Again this quarter, both groups performed well given the current economic context," said Pierre Beaudoin, President and Chief Executing Officer, Bombardier Inc. "Key indicators in the business jet market are showing signs of stabilization and our level of business aircraft cancellations has substantially decreased. Commercial aircraft has benefited from a breakthrough order in the United States for the CSeries aircraft and Bombardier Aerospace's overall book-to-bill ratio stands at 1.2 for the quarter, compared to 0.1 last year."
"Bombardier Transportation's markets have been generally resilient to the economic downturn. The group had a good level of order intake reaching $2.9 billion during the first quarter, compared to $1.2 billion for the same period last year."
"While economic conditions are improving, the recent credit concerns affecting some countries in Europe are creating uncertainty. We continue to monitor the situation and to manage our activities with rigor and discipline," concluded Mr. Beaudoin.
At Bombardier Aerospace, revenues totaled $1.9 billion, compared to $2.2 billion for the first quarter last fiscal year, while EBIT reached $89 million, compared to $110 million. This translated into an EBIT margin of 4.6% for the first quarter ended April 30, 2010 compared to 5% last fiscal year. Free cash flow usage of $205 million compares to a usage of $530 million for the same period last fiscal year. Overall, Bombardier Aerospace delivered 53 aircraft this quarter, compared to 75 last year, in line with our expectations. The group received 61 net orders compared to nine for the same period last fiscal year, and its backlog reached $17.3 billion compared to $16.7 billion as at January 31, 2010.
Although the aerospace industry continues to experience challenging conditions, the business aircraft market is seeing stabilization in key indicators such as increased fleet activity and a decrease in the number of pre-owned aircraft. The last General Aviation Manufacturers Association (GAMA) shipment report shows Bombardier Aerospace continued to be the market leader in both revenues and units delivered during the first three months of calendar year 2010.

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