Sergio, BBD earnings..
ubject:
Hot Off The Wire: BOMBARDIER INC.
Date:
Tue, 24 Nov 1998 15:52:33 -0500
From:
cthompson@cdn-news.com
To:
cthompson@cdn-news.com
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Canadian Corporate News --- Hot Off The Wire
News Release for BOMBARDIER INC.
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NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: BOMBARDIER INC.
TSE, ME SYMBOL: BBD.A
TSE, ME SYMBOL: BBD.B
NOVEMBER 24, 1998
Financial Results of Bombardier Inc. for the Third
Quarter and the Nine Months Ended October 31, 1998
MONTREAL, QUEBEC--The consolidated revenues of Bombardier Inc. for
the quarter ended October 31, 1998 totaled $2.6 billion compared
with $2.1 billion for the same period last year. Net income for
the quarter was $125.5 million, or $0.17 per share, as against
$98.3 million, or $0.14 per share, for the quarter ended October
31, 1997.
For the nine months ended October 31, 1998, consolidated revenues
amounted to $7.5 billion compared with $5.7 billion for the same
period last year. Net income reached $360.3 million, or $0.50 per
share, as against $269.6 million, or $0.38 per share, for the same
period last year.
/T/
The highlights are as follows:
(millions of Canadian dollars, except per share amounts)
Three months ended Nine months ended
October 31 October 31
1998 1997 1998 1997
_______________________________________________________________
Revenues
Aerospace $ 1 288.7 $1 213.2 $3 775.3 $2 877.9
Recreational Products 332.6 418.0 1 011.4 1 280.5
Transportation 778.5 345.0 2 093.0 1 197.3
Services 106.3 101.4 286.7 260.9
BC(i) 151.2 92.6 405.8 253.3
Intersegment
eliminations (37.2) (43.7) (116.3) (122.5)
_______________________________________________________________
External revenues $2 620.0 $2 126.5 $7 455.9 $5 747.4
_______________________________________________________________
Income before income taxes
Aerospace $146.8 $102.7 $379.0 $242.0
Recreational Products - 6.7 23.8 50.8
Transportation 31.6 18.5 92.1 55.5
Services 4.5 5.0 11.5 13.2
BC 10.2 13.9 47.9 40.9
_______________________________________________________________
193.1 146.8 554.3 402.4
_______________________________________________________________
Income taxes 67.6 48.5 194.0 132.8
_______________________________________________________________
Net income $ 125.5 $98.3 $360.3 $269.6
_______________________________________________________________
Earnings per share:
Basic $0.17 $0.14 $0.50 $0.38
Fully diluted $0.17 $0.14 $0.49 $0.38
Average number of common
shares outstanding during
the period 679.8 676.1
(millions)
/T/
Commenting on these results, Chairman and Chief Executive Officer
Laurent Beaudoin noted that "third quarter revenues increased by
23 percent while net income rose by 28 percent over the same
period last year. The increases in revenues and net income are
attributable to a strong performance particularly in the aerospace
and transportation business segments. Results in the aerospace
sector continued to show solid increases in revenues and
profitability. The transportation sector benefited from the
consolidation of the revenues of DWA, acquired during fiscal
1997-98, as well as from increased deliveries. The revenues and
earnings of the recreational products sector continued to be
impacted by the maturing of the personal watercraft market and
reduced production of snowmobiles due to poor snowfalls last
winter. The results of this sector were also affected by the
costs associated with the development of new products and new
markets. While Bombardier Capital maintained a solid growth in
revenues, the reduction of its margin is mainly due to the
decision, in the third quarter, to use a more conservative rate in
the third quarter, for the whole fiscal year, to establish gains
on sales applied to mortgage securitization of manufactured
housing. The results of this sector are also affected by the
investments in personnel and systems required to prudently manage
the expected growth."
Bombardier Inc. is a Canadian corporation active in the fields of
aerospace, rail transportation equipment, recreational products,
financial services and services related to its products and core
businesses. It operates plants in 11 countries in North America
and Europe and more than 88 percent of its revenues are generated
outside Canada. Bombardier's revenues for its fiscal year ended
January 31, 1998 totalled $8.5 billion.
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
Bombardier Inc.
Michel Lord
Vice President, Communications and Public Relations
(514) 861-9481
bombardier.com
INDUSTRY: IDD
SUBJECT: ERN
-0-
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