Bombardier’s first-quarter net profit dropped 13.6% to $190 million from $220 million in the corresponding year-earlier period, partly as a consequence of lower commercial aircraft deliveries.
Overall revenue declined 24.8% to $3.5 billion and its Aerospace unit saw revenue dip 31.8% to $1.5 billion. President and CEO Pierre Beaudoin cited costs associated with the Canadian manufacturer’s business aviation programs and lower commercial deliveries.
“Nevertheless, we were able to contain costs and maintain our profitability,” he said, “We had a solid level of new orders in business jets and we're starting to see momentum in commercial aircraft orders, which led to an increased backlog of $23.3 billion.” Overall expenses decreased 25.6% to $2.9 billion.
Bombardier Aerospace posted a first-quarter EBIT of $91 million, down 35.5%. It delivered 37 total aircraft compared to 61 in the prior-year period. It received 28 orders for commercial aircraft during the year’s first three months.
Article Source : ATW Daily News
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