Bombardier has reported its fourth quarter and full year 2017 results, highlighting solid financial and operational performance across the company. In 2017, Bombardier’s full-year EBIT before special items grew 57% year-over-year, from $427m to US$672m, while EBITDA before special items reached close to US$1bn. Full year EBIT margins exceeded guidance at Transportation, Business Aircraft and Aerostructures. Before special items, EBIT margins were 8.4% at Transportation and Business Aircraft; and 10.0% at Aerostructures. Consolidated revenues for the year were US$16.2bn, in line with its guidance.
Free cash flow performance for 2017 was better than guidance by more than US$200m, with a usage of US$786m. This over performance allowed Bombardier to end the year with a US$3.1bn cash balance and well positioned to achieve cash flow breakeven in 2018, a key objective of the Company’s turnaround plan.
Business Aircraft’s 2017 financial performance met or exceeded guidance delivering 140 aircraft. Revenues were US$5.0bn with EBIT margins before special items of 8.4%.
For the fourth quarter, deliveries reached 44 units, including a strong mix of Challenger and Global family aircraft, representing 29 and 13 deliveries respectively.
Commercial Aircraft’s financial performance for 2017 was marked by the continued production ramp-up of the C Series aircraft program. As announced in the third quarter financial results, engine delivery delays from Pratt & Whitney impacted the C Series aircraft deliveries, particularly in the fourth quarter. While revenues reached US$2.4bn, in line with its guidance, the EBIT loss before special items at US$377m compared favorably relative to expectations.
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Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada