Bombardier posts lower Q2 net income on higher revenues

MONTREAL — Bombardier Inc. (TSX:BBD.B) reports a lower second-quarter net income of US$155 million, or eight cents per share, compared with US$180 million, or 10 cents per share, for the same quarter in 2013.

Revenues totalled US$4.9 billion for the Montreal train and plane maker, which keeps its books in U.S. dollars. That compares with US$4.4 billion for the same period last fiscal year, an increase of 8.9 per cent, excluding currency impacts.

Excluding items, adjusted net income amounted to US$192 million, or 10 cents, compared with US$158 million, or nine cents per share, year-over-year.

Analysts expected nine cents in adjusted earnings per share on US$4.73 billion in revenues, according to data compiled by Thomson Reuters.

Bombardier aerospace division had revenues of US$2.5 billion for the three-month period ended June 30, compared with US$2.3 billion for the same period last year.

The Montreal company’s transportation division had revenues of US$2.4 billion, compared with US$2.2 billion for the same period last year, up 6.3 per cent excluding currency impacts.

Bombardier’s aerospace division announced the layoff of 1,800 employees, an organizational restructuring and the retirement of the division’s CEO last week. The aerospace division has been split into three units, each reporting to Bombardier CEO Pierre Beaudoin.

The aerospace division has seen a number of delays with the production of its new CSeries jet.

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