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Bombardier results short
TORONTO - Bombardier reported quarterly results that fell short of expectations and issued a lacklustre 2013 outlook, sending shares of the Canadian aircraft and train maker down nine per cent.
It added to investors’ disappointment by announcing it was pushing back the first delivery of its Learjet 85 business aircraft to the summer of 2014 from its previous target of late 2013. It was the second time since November it delayed a major aircraft programme.
Before the pullback, Bombardier stock had jumped 37 perc ent since late November when the company signed a record $7.8 billion deal with Swiss charter operator VistaJet. On Wednesday, it won a deal that could be worth as much as $3.42 billion for its new C-Series large commercial jets.
But the company’s fourth-quarter profit tumbled 93 per cent, pulled lower by charges for a plant closure and job cuts. For Bombardier Aerospace, it expects margins on earnings before financing expenses, financing income and income taxes to be little changed in 2013 at about five per cent and rise to about six per cent in 2014.
“Why was the stock down so strongly? Margin and production guidance at BA was weaker than expected at five per cent and their deliveries that are essentially flat year over year despite some pretty strong backlogs,” said Chris Murray, an analyst at PI Financial.
In its rail unit, it delayed its target for an eight per cent margin to 2014 from 2013. It did not provide a 2013 margin forecast for the rail division. Its total order backlog rose to a record $66.6 billion at the end of 2012 from $55.8 billion at the end of 2011.
The company said the revised timetable for the new Learjet reflected technology problems that have been resolved.
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