Thursday, April 02, 2009

Bombardier earnings reach record $1 billion

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Bombardier Inc. announced Thursday that it earned a net profit of $1 billion in the fiscal year ended Jan. 31, a record, on revenue of $19.7 billion. The train and plane manufacturer earned $317 million on revenue of $17.5 billion in the prior year.

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Bombardier ended the fiscal year with a strong cash position of $3.5 billion and a backlog of unfilled orders worth $48 billion. This is less than the backlog of $53.6 billion reported on Jan. 31, 2008, due to the impact of the weakening of foreign currencies compared to the U.S. dollar.

Pierre Beaudoin, Bombardier president and CEO, commented: "During the past year, we more than held our own as the world's financialmarkets tumbled and the global economy weakened. ... There is no doubt that we are going through challenging times and our business environment is changing fast. There's a need for prudent execution, clear priorities, and decisive action in the current context. However, we believe we are well positioned to face this difficult economic environment with a strong balance sheet and a high level of liquidity, as well as a large and diversified backlog."