UPDATE 1-Bombardier profit lifted by strong jet sales
By Charles Grandmont
MONTREAL, March 15 (Reuters) - Fourth-quarter profit at Bombardier Inc. rose on higher jet sales and a turnaround in its recreational vehicles division, the Canadian transportation giant said on Thursday.
Bombardier, the world's third-largest civil aircraft maker, said net profit before unusual items was C$348 million ($223 million), or 25 Canadian cents a share, in the fourth quarter ended Jan. 31, sneaking in just above analysts' expectations.
That compared with a net profit before unusual items of C$271.4 million, or 19 Canadian cents a share, in the year-earlier period.
No special item were recorded in the latest fourth quarter, for the company, which also makes boats, rail cars and snowmobiles. The previous fourth quarter had a special gain of C$17.4 million.
Revenues were C$5.6 billion versus C$4.4 billion.
The consensus estimate of seven analysts polled by First Call/Thomson Financial was for a profit of 24 Canadian cents a share.
Despite the current economic slowdown, Bombardier president and chief executive, Robert Brown,
maintained the company's earning growth target of 30 to 40 percent for fiscal year 2002 and of 20 to 30 percent for fiscal 2003.
"These targets are based on our backlog of orders in aerospace and transportation, on the performance of our recreational products segment and on our focused strategy in financial services," Brown said in a release, adding he expected the economic rebound to start only next year.
Bombardier said its overall order backlog reached C$31.7 billion at the end of the quarter, compared to C$27.2 billion a year earlier. The aerospace backlog increased to C$23.0 billion from C$18.9 billion while the transportation backlog went to C$8.7 billion from C$8.3 billion.
The aerospace division once again was the main engine of growth in the fourth quarter, with revenues climbing to C$3.9 billion from C$2.8 billion, and operating income edging to C$462.5 million from C$341.4 million.
The recreational products division revenue rose to C$561 million, from C$511.5 million in the previous fourth quarter. Operating income of this recently restructured division jumped to C$44 million from C$11.9 million in the year-ago period.
The transportation sector saw its revenues reach C$879.4 million, compared to C$857 million a year earlier, while operating income scaled back to C$25.4 million compared from C$40.6 million in the year earlier period. Bombardier's class B shares slipped 36 Canadian cents to C$20.20 on the Toronto Stock Exchange on Thursday. The stock has ranged from a low of C$14.55 to a high of C$26.70 over the past 52 weeks.
($1=$1.56 Canadian) |
