Bombardier reported its financial results for the fourth quarter and the year ended December 31, 2014. Revenues totalled $6 billion for the quarter, compared to $5.3 billion for the same period last fiscal year, which represents an increase of 14.6% excluding currency impacts.
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For the year, revenues totalled $20.1 billion, an increase of 10.8% excluding currency impacts, compared to $18.2 billion last year.
For the fourth quarter ended December 31, 2014, earnings before financing expense, financing income and income taxes (EBIT) was negative $1.2 billion, or (20.2)% of revenues, compared to EBIT of $185 million, or 3.5% for the same period last fiscal year. For the year, EBIT was negative $566 milli
n, or (2.8)%, compared to EBIT of $923 million, or 5.1% last fiscal year. For the fourth quarter ended December 31, 2014, EBIT before special items totalled $156 million, or 2.6% of revenues, compared to $186 million or 3.5% for the same period last fiscal year. For the year, EBIT before special items totalled $923 million, or 4.6%, compared to $893 million, or 4.9%, last fiscal year.
On an adjusted basis, net income amounted to $83 million, or earnings per share (EPS) of $0.04, for the fourth quarter ended December 31, 2014, compared to $129 million, or $0.07, for the same period the previous year. For the year, on an adjusted basis, net income amounted to $648 million, or EPS of $0.35, compared to $608 million, or EPS of $0.33, last fiscal year.
For the fourth quarter ended December 31, 2014, net loss totalled $1.6 billion, or EPS of $(0.92), compared to net income of $97 million, or $0.05, for the same period the previous year. For the fiscal year 2014, net loss amounted to $1.2 billion, or EPS of $(0.74), compared to net income of $572 million, or $0.31, last fiscal year.
The net loss for the fourth quarter and for fiscal year 2014 is mainly due to the charge in special items related to the decision to pause the Learjet 85 business aircraft program recorded in the fourth quarter of fiscal year 2014.
For the three-month period ended December 31, 2014, free cash flow (cash flows from operating activities less net additions to property, plant and equipment (PP&E) and intangible assets) amounted to $590 million, compared to $771 million for the same period last year.
For the year, free cash flow usage amounted to $1.1 billion, compared to a usage of $907 million last fiscal year. As at December 31, 2014, available short-term capital resources of $3.8 billion included cash and cash equivalents of $2.5 billion, compared to $4.8 billion and $3.4 billion, respectively as at December 31, 2013. The overall backlog amounted to $69.1 billion as at December 31, 2014, compared to $69.7 billion as at December 31, 2013. ■