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Bombardier profit triples; restores dividend
2008-06-04
Bombardier Inc (BBDb.TO), the world's top passenger train maker and No. 3 civil aircraft manufacturer, said on Wednesday that quarterly profit nearly tripled as aircraft deliveries rose, prompting it to reinstate its quarterly dividend. Bombardier said it earned $226 million, or 12 cents a share, in the first quarter ended on April 30, up from $79 million, or 4 cents a share, a year earlier. Earnings before financing income, financing expense and income taxes were $321 million, compared with $183 million last year. Analysts, on average, had expected earnings per share before exceptional items of 9 cents a share, according to Reuters data. Revenue for the quarter was $4.79 billion, up 21 percent from $3.97 billion for the same time last year helped by an increase in orders in its two key divisions, transportation and aerospace. Aircraft deliveries were 87 planes during the quarter, up from 78 for the same period last year. The Montreal-based company also said it planned to reinstate its quarterly dividend of 2.5 cents a share. It last paid a dividend in 2005. Bombardier did not give an update on the progress in its search for launch customers for its proposed CSeries airliner. Bombardier has been looking for firm orders before formally deciding to go ahead with the $3.2 billion plan to develop a new 110-seat to 130-seat airliner. The proposed CSeries jet would enter service by 2013 in a market sector that is dominated by Boeing Co (BA.N) and Airbus EADS (EAD.PA). The Montreal-based company said last week it plans to invest $250 million in a new aerospace manufacturing plant in the central state of Queretaro in Mexico. ($1=$1.00 Canadian) (Reporting by Scott Anderson; Editing by Frank McGurty)
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