Bombardier delivered 58 fewer aircraft during its 2010/11 fiscal year compared to the year prior, but remains confident its fundamentals are strong in the long-term for both the business and commercial aircraft markets.
The Canadian airframer delivered a total 244 aircraft for the 12-month period ended January 31 2011 - 143 business jets, 97 commercial aircraft and four amphibious aircraft - compared to 302 aircraft in the fiscal year ended 31 January 2010.
"These delivery results are essentially in line with the previously announced guidance to deliver approximately 15% less business aircraft and 20% fewer commercial aircraft in fiscal year 2010/11, compared to the previous fiscal year," says Bombardier.
During the course of the year Bombardier received 201 aircraft orders, net of cancellations, compared to 11 orders, net of cancellations, for the previous fiscal year. The fourth quarter "was especially strong" for business aircraft, with 74 net aircraft orders, notes the manufacturer.
Bombardier believes it turned in "a solid performance" during a period of continued global economic challenges and a slower than anticipated recovery from the financial crisis.
"Over the past years, we have taken significant steps to strengthen our operations and continue to invest in our future programmes. By meeting the challenges of today and setting our sights on the future, we believe we are creating a loyal customer base for our products and services, and will emerge from this difficult environment a stronger and more efficient company," says Bombardier Aerospace president and chief operating officer Guy Hachey.
Meanwhile, Bombardier as expected has started reporting its financial results under International Financial Reporting Standards (IFRS).
The firm says it intends to request approval from its board of directors in December 2011 to change its financial year-end from a fiscal year-end of 31 January to a calendar year-end of 31 December. If this change of year-end reporting is accepted, Bombardier's fourth quarter would end on 31 December 2011, covering only two months (November and December), and result in a fiscal year of 11 months rather than a 12-month reporting period.
As such, Bombardier's delivery guidance for 2011 is based on IFRS and an 11-month year. The company expects to deliver 150 business aircraft and 90 commercial aircraft during the calendar year 2011.