VANCOUVER, BC (June 1, 2011) Dominion Lending Centres Clearlease Reports June 1, 2011,
Bombardier Inc. (TSX:BBD.B) delivered a better-than-expected financial report Wednesday and announced a new order for its CSeries jets Wednesday ahead of its annual shareholders meeting.
The Montreal-based company announced a firm order for 10 of its CSeries commercial aircraft, with a list price of US$665 million, from a Swedish leasing company. The order to be worth double that if all options are exercised.
Bombardier, which reports in U.S. dollars, also said early Wednesday that its net income for the first quarter was $220 million, or 12 cents per share, which was above analyst expectations of 10 cents per share..
Revenues lifted to $4.7 billion, which was stronger than expectations according to a poll by Thomson Reuters, and above $4.3 billion a year ago.
“Bombardier Aerospace has started to benefit from a stronger business aircraft market, especially at the high end,” said president and CEO Pierre Beaudoin in a release.
RBC Dominion analyst Walter Spracklin wrote Wednesday that Bombardier Aerospace’s margin was 6.4 per cent, which was higher than RBC’s estimate of the 4.7 per cent.
“Although we note that the variance was partially attributable to a favourable mix of business aircraft deliveries, we believe prior efficiency initiatives are leading to operating leverage gains as volumes pick up,” Spracklin wrote.
Bombardier booked 77 business jet net orders, up from six a year earlier.
“Our commercial aircraft segment, although slower to recover, is seeing an improved level of interest from customers.”
Commercial aircraft deliveries rose to 23 from 16 a year earlier. However, its commercial orders for the quarter totalled a mere five aircraft.
The commercial aerospace business has recently been affected by slow orders for regional jets and Q400s.
Observers have been eagerly awaiting another order for the CSeries, and are looking forward to the Paris Air Show.
Bombardier also has added to its order book with the agreement with Braathens Leasing Ltd, a member of Braathens Aviation of Sweden.
Braathens has placed firm orders for five CSeries 100 and five CSeries 300 jet lines and taken options on an additional 10 CSeries jets. If all the options are exercised, the Swedish order would have a list price of US$1.37 billion.
With the Braathens deal, Bombardier has firm orders for 100 CSeries planes — 38 CS100s and 62 CS300s, and raises the number of customers to four, including Republic Airways, Deutsche Lufthansa and Lease Corporation International.
Bombardier held its market share for business jet deliveries in the quarter according to the General Aviation Manufacturers Association as emerging markets helped demand.
Fundamentals for this key part of Bombardier’s business are continuing to improve. Aircraft use is up and the number of used planes is decreasing.
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Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.
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