Sat, Feb 23, 2013
Company's Financial Report 'Not Reflective Of Our Potential'
Bombardier posted a difficult financial report for 2012, and while the 4th quarter revenues were up by a about a half-billion dollars, the overall year was down about $1.5 billion. Revenues totalled $4.8 billion for the fourth quarter ended December 31, 2012, compared to $4.3 billion for the corresponding period last fiscal year. For the year, revenues totalled $16.8 billion, compared to $18.3 billion for the last fiscal year.
“Our results for 2012 are not reflective of our potential,” said Pierre Beaudoin (pictured), president and Chief Executive Officer, Bombardier Inc. “After proving our resilience throughout the economic crisis, today, Bombardier is at a turning point. With our outstanding backlog of $66.6 billion, an increase of 19% over last year, we’re forging ahead with breakthrough products and expanding our reach in pivotal growth markets.”
Beaudoin said that the aerospace numbers were actually fairly good. “In Aerospace, we were in line with our delivery guidance and we’ve garnered an impressive 481 net orders bringing our backlog to a record level of $32.9 billion at the end of 2012. We’re the clear leader in business aviation both in terms of revenues and deliveries, and in commercial aircraft, we had some significant orders for both jets and turboprops. Our development programs are making solid progress and the CSeries’ first flight will take place by the end of June 2013.”
The the report had some not-so-good news for those anticipating the Learjet 85. The company said in a news release that the program is making solid progress having achieved several key milestones. The first flight test aircraft is significantly advanced: the complete pressure fuselage, including the nose, aft fuselage and empennage have been joined, the landing gear has been installed and the wing is attached to the fuselage. However, while we have successfully dealt with several new technology challenges, the program’s timeline has been impacted. Entry-into-service is now scheduled for summer 2014.
Beaudoin said that despite a lackluster financial report, the company has a good future. "These are exciting times at Bombardier and we’re on the cusp of seeing significant revenue growth,” he said.
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