Bombardier Inc. net income down slightly in third quarter

MONTREAL – Bombardier Inc. (TSX:BBD.B) says it recorded adjusted net income of $165 million in the third quarter, or nine cents per share. That compares to $173 million in net earnings and nine cents per share in the same period the previous year.

Third-quarter revenue totalled $4.1 billion, down slightly from $4.2 billion in the same period last fiscal year.

The Montreal-based transportation giant says its had an order backlog of $65.5 billion as of Sept. 30, compared to $64.9 billion at this time last year.

Bombardier Aerospace’s revenues amounted to $2 billion in the quarter, down from $2.3 billion in the corresponding period of 2012.

The aerospace division delivered 45 aircraft during the quarter, compared to 57 for the same period last fiscal year, and received 26 net orders.

“In aerospace, results were in line with our guidance, but the low order intake and overall market conditions were a disappointment,” said Bombardier president and CEO Pierre Beaudoin.

Bombardier Transportation revenues totalled $2.1 billion in the quarter, up from $1.9 billion in the same period last year.

New orders reached $1.7 billion compared to $2.2 billion for the same quarter last fiscal year and the order backlog totalled $32.6 billion by the end of September.

”Our revenues in transportation have increased and free cash flow has also slightly improved,” said Beaudoin.

”The overall market remains resilient and as illustrated by some order wins during the quarter, our penetration of new regions continues to be strong.”