Bombardier reported its financial results for the third quarter ended October 31, 2009. Revenues reached the same level as last year at $4.6 billion. Earnings before financing income, financing expense and income taxes (EBIT) totaled $262 million, compared to $296 million last fiscal year, while the EBIT margin reached 5.7% compared to last year's 6.5%.
Net income amounted to $168 million, compared to $226 million for the same period last fiscal year. Free cash flow (cash flows from operating activities less net additions to property, plant and equipment and intangible assets) stood at $72 million for the third quarter, compared to a free cash flow usage of $226 million for the same period last fiscal year. The cash position remains strong at $3 billion, compared to $3.5 billion as at January 31, 2009. The overall backlog stood at $47.4 billion, compared to $48.2 billion as at January 31, 2009.
"Despite early signs of a recovery, the economic environment remains difficult and continued to impact our activities and financial results, especially in Bombardier Aerospace", said Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc. "However, Bombardier Transportation continues to improve its revenues, profitability and order intake."
"Our backlog and balance sheet are strong. Both groups continue to look for ways to reduce overall costs in their operations and improve their working capital, while maintaining investments in new product development. We will be ready when the economy recovers", concluded Mr. Beaudoin.
Bombardier Aerospace's revenues amounted to $2.1 billion, compared to $2.3 billion last fiscal year. EBIT totalled $103 million, or 5% of revenues, compared to $176 million, or 7.7%, for the same period last fiscal year. Free cash flow for the third quarter ended October 31, 2009 reached $61 million compared to $9 million for the same period last fiscal year. The backlog stood at $18.1 billion as at October 31, 2009, compared to $23.5 billion as at January 31, 2009.
Although the business aircraft market is still experiencing difficulties, there are some signs of stabilization. Bombardier Business Aircraft net orders for the third quarter ended October 31, 2009 returned to a positive position for the first time since the third quarter of last fiscal year.

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