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Bombardier Reports Full Year 2020 Financial Results, Provides 2021 Guidance and Outlines Actions to Drive Profitability and Productivity

February 22, 2021by admin0

Please find attached a press release issued today by Bombardier Inc.  

  • 2020 revenues from Business Aircraft activities reached $5.6 billion, growing 3% year-over-year on 114 deliveries, 44 of which were in the fourth quarter, including a record 16 Global 7500 aircraft deliveries
  • 2020 adjusted EBITDA of $200 million from continuing operations; $912 million of reported EBIT, reflects the accounting gains on disposal of the CRJ and aero structures businesses
  • Fourth Quarter Free Cash Flow (FCF) generation of $523 million from continuing operations before interest and taxes, ahead of plan; cash flow from operating activities of $323 million for the fourth quarter
  • Pro forma cash and cash equivalents of $5.4 billion, including Cash on hand of $1.8 billion at Bombardier Inc. on December 31, 2020 and $3.6 billion of proceeds from the recently closed sale of Transportation once it becomes fully available; Pro-forma net debt of approximately $4.7 billion
  • Company-wide initiative to drive profitability and productivity underway; Targeting savings of approximately $400 million annually by 2023
  • Learjet production to end in Q4 2021, allowing the Company to focus on more profitable Challenger and Global aircraft families; Wichita to become Centre of Excellence for specialized aircraft platforms
  • 2021 outlook: Revenues expected to grow organically; Adjusted EBITDA and EBIT expected to increase to greater than $500 million and $100 million respectively, and FCF usage expected to be better than $500 million, including one-time costs and investments
  • Company to host an Investor Day on March 4, 2021

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