Bombardier Transportation executives visit the new rail link from Johannesburg airport to the cityErin Conway-Smith
Bombardier Inc. shares slipped nearly 3 per cent early Thursday after the company's latest financial report fell short of analyst expectations.
The transportation equipment manufacturer was down 17 cents to $6.06 in early trading, a decline of 2.7 per cent on the Toronto Stock Exchange.
Earlier in the morning, Montreal-based Bombardier reported its net income fell to $179-million (U.S.) in the latest quarter, which ended the company's 2010 financial year on Jan. 31.
The fourth-quarter profit, reported in U.S. currency, amounted to 10 cents per share - a penny below the consensus estimate compiled by Thomson Reuters.
That compared to profit of $312-million or 17 cents per share a year earlier.
Bombardier's revenue also fell from a year earlier, but at a slower pace and within analyst estimates.
Revenue was $5.35-billion, down about $70-million from a year earlier.
Bombardier said it considered the results good, considering the situation, and credited that to a market for its rail products and reduced output of its aerospace division.
"Against a challenging economic backdrop, we delivered good financial results," Bombardier president and CEO Pierre Beaudoin said in a statement.
"In Aerospace, we took the necessary steps to adapt to the economic reality by carefully monitoring capital expenditures and reducing our production rates for both business and regional jets. We met our target deliveries and increased our market share in both segments..."
Bombardier Aerospace delivered 176 business aircraft in fiscal 2010, compared with 235 aircraft a year earlier.
For the full year, revenue was down slightly - falling by $300-million to $19.4-billion from $19.7-billion. Profit dropped to $707-million or 39 cents per share from $1-billion or 56 cents per share in fiscal 2009.