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Electronics Production | August 31, 2004

Bombardier return to Profit

Bombardier Regains Profitability in Second Quarter Announces financial results for second quarter ended July 31, 2004.
Global transportation company Bombardier Inc. has returned to profitability halfway through its three-year restructuring program. Second quarter financial results present consolidated earnings before taxes (EBT) of $44 million, compared to negative $209 million in the first quarter of the current fiscal year. Consolidated revenues rose 10% to reach $3.9 billion compared to $3.5 billion in the first quarter of this fiscal year.

“The Transportation segment has regained profitability by focusing intensely on project management and executing the restructuring plan,” said Paul M. Tellier, President and Chief Executive Officer. “In Aerospace, we are benefiting from a diverse product line. We capitalized on a significant improvement in the business jet market, which helps meet the challenges in the regional aircraft business - and we will deliver a similar number of aircraft this year as we did last year. “Altogether, our continued focus on execution, the benefits of the restructuring, and our diversified presence in a global transportation market are giving us traction on earnings growth going forward," he continued.

The transportation business is ahead of schedule in its massive reorganization, which is the focus of Year Two of the Bombardier restructuring. The Amadora (Portugal) plant was closed on May 25, 2004. The Doncaster (U.K.) plant was closed on June 25, 2004, six months earlier than expected. All other proposed site closures are proceeding as planned, in accordance with all local labour laws. Workforce reductions now total 1,500 employees, and should reach 3,000 by the end of the year, roughly half of the announced rightsizing objective.

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