Bombardier Sees Third-quarter Revenue Drop
Bombardier Aerospace third-quarter financial results, released today, show total aerospace revenues of $1.8 billion, down from $2.1 billion for the quarter ending October 31, 2009. The total backlog as of October 31 was valued at $16.2 billion. The Canadian OEM delivered 33 business aircraft in the third quarter. As of October 31, there was a seven-month backlog for Learjets, an eight-month backlog for Challengers and a 24-month backlog for the Global line. According to the company, “business and commercial aircraft markets are still experiencing challenging conditions.” Nevertheless, said Bombardier president and CEO Pierre Beaudoin, orders were strong for the quarter, valued at $3.7 billion, “And we are anticipating a good [fourth] quarter.” Beaudoin said Bombardier is sticking by its estimate of $1 billion for development of the new Global 7000 and Global 8000. He said that Learjet production is now at, and will be sustained at, “the proper level for demand” though more employee furloughs will be coming in the next year.