For the first quarter ended April 30, 2011, Bombardier Transportation’s revenues totalled $2.5 billion, compared to $2.3 billion last fiscal year.
EBIT reached $171 million, or 6.9% of revenues, for the first quarter ended April 30, 2011, compared to $146 million, or 6.3%, for the same period last fiscal year.
Free cash flow usage of $168 million compares to a usage of $34 million last fiscal year.
Bombardier Transportation reported new orders worth $1.2 billion for the first quarter, representing a book-to-bill ratio of 0.5, compared to $2.9 billion, a book-to-bill ratio of 1.2, for the same period last fiscal year.
The order backlog stood at $34 billion as at April 30, 2011, compared to $33.5 billion as at January 31, 2011.
Among the most important orders received during the first quarter ended April 30, 2011, Bombardier Transportation concluded an agreement with the Government of South Australia for the supply and maintenance of 22 Bombardier 25kV 3 car electric trains valued at approximately $278 million.
Subsequent to the end of the first quarter, the group signed a framework agreement with Siemens AG to be a partner to develop and supply important components for up to 300 ICx high speed trains for Deutsche Bahn AG (DB AG) of Germany.
A first firm order for a total of 130 trains valued at approximately $1.8 billion was obtained under this agreement. DB AG is planning to place an additional order with Siemens AG for a further 90 trains. The combined order volume of 220 trains would be worth approximately $3 billion to Bombardier.
Also after the end of the quarter, a nine-year framework agreement was signed with DB Regio AG for 200 TRAXX diesel locomotives with multi-engine propulsion, estimated at $867 million. A formal order for the first 20 locomotives, valued at $90 million, was signed at the same time.
“Overall, both groups had a good performance during the first quarter with increased revenues and EBIT, translating into higher net income and EPS,” said Pierre Beaudoin, President and Chief Executive Officer, Bombardier Inc.
“Bombardier Transportation continues to do well, posting good results again this quarter. Last year’s high order intake is starting to translate into increased revenues year-over-year and the group is making steady progress towards its EBIT margin target of 8%.”
“We have the best product portfolio of our industries, our balance sheet is strong and our impressive backlog of $55.1 billion gives us great visibility on revenues for the next few years,” concluded Mr. Beaudoin.
On May 27, 2011, Bombardier renewed Bombardier Transportation’s letter of credit facility for €3.4 billion (approximately $4.9 billion), at a better rate and without collateral, enabling the Corporation to release an amount of €404 million ($577 million) of the invested collateral related to the previous facility.
