MONTREAL -- Bombardier Inc. (TSX:BBD.B) has reported a drop in net income in the first quarter, but saw results improve four per cent on an adjusted basis and says its new CSeries plane is on schedule for its first test flight next month.
The Montreal-based plane and train builder says net income was US$148 million or eight cents per share in the three months ended March 31, down from US$155 million, also eight cents per share, in the same 2012 period.
On an adjusted basis, net income amounted to US$156 million, up from $150 million.
Revenue totalled US$4.3 billion, up from $3.5 billion.
"We had a good first quarter, with an overall increase in revenues of 25 per cent," president and CEO Pierre Beaudoin said in releasing the company's earnings report.
"Aerospace is showing increased deliveries, revenues and EBIT (earnings before interest and taxes), and the CSeries tests are progressing well with first flight next month," Beaudoin added.
"Transportation also saw an increase in revenues and EBIT and received a good level of new orders across all divisions and key markets totalling $2 billion."
Beaudoin said the company expects an increase in revenues over the course of the year, while making good progress towards the group's EBIT target of eight per cent by 2014.
"With our strong overall backlog of $63 billion and state-of-the-art products coming into service in the next few years, we're very well positioned for solid future growth," he said.
