Bombardier Q1 profit doubles on greener jets - ResearchInChina
Date:2008-06-05
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BOMBARDIER Inc, the world's third-largest maker of commercial aircraft, said first-quarter profit more than doubled, helped by deliveries of more fuel-efficient planes, as well as trams and locomotives.
Net income rose to US$226 million, or 12 cents a share, from US$79 million, or 4 cents, a year earlier, Montreal-based Bombardier said yesterday. Per-share results exceeded analysts' estimates, Bloomberg News said. Revenue advanced 21 percent to US$4.79 billion in the period ended April 30.
"The delivery on our large order intake of the past few years is fueling the increase in revenues," said Chairman Laurent Beaudoin, who yesterday handed the role of chief executive officer to his son, Pierre Beaudoin. Pierre Beaudoin was head of Bombardier's aviation unit.
Bombardier is winning orders for Q400 turboprops from carriers trying to trim fuel costs, and for its Lear and Challenger business jets from Chinese, Indian and Russian customers. About 70 percent of Bombardier's new business jet orders come from outside the United States, helping cushion the manufacturer from a slowdown in the world's largest economy.
Revenue from Bombardier's transportation unit gained 41 percent to US$2.41 billion, helped by deliveries of trams to a Brussels-based streetcar operator, locomotives to the New Jersey Transit Corp and a Delhi metro-car order. The order backlog for the unit was US$31.4 billion on April 30, 1.6 percent higher than a year ago.
Aircraft sales climbed 5.3 percent in the quarter to US$2.38 billion as the value of planes on order rose.
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