Bombardier (TSX: BBD.B) shared today its Q4 and full-year financial results for 2021. The company earned US$6.09 billion in revenue, a drop from 2020’s US$6.49 billion.
“[The] 2021 results are proof that our plan gave us both the structure and the agility to manage any outside obstacles and capitalize on a faster-than-expected industry recovery,” said CEO Eric Martel.
Gross margin for the year came in at 15.18% compared to last year’s 7.95%. The firm also ended with a net loss from continuing operations at US$249 million. However, with a US$5.32 billion net income from discontinued operations, the firm ended the year with US$5.07 billion in total net income. This compares to a net loss of US$568 million last year.
Adjusted EBITDA for the year ended at US$640 million, up from US$200 million from the previous year.
The company also recorded cash outflows for the year: US$289 million from operating activities (US$332 million inflow from continuing operations and US$621 outflow from discontinued operations) and US$521 million free cash flow (US$100 million inflow from continuing operations and US$621 outflow from discontinued operations).
For Q4, the firm generated US$1.77 billion in revenue, up from Q3 2021’s US$1.45 billion but down from Q4 2020’s US$2.34 billion. But the quarter ended with US$238 million in net income, up from net losses of US$377 million and US$337 million in Q3 2021 and Q4 2020, respectively. The quarterly income also translates to US$0.09 per diluted share.
At the end of the quarter, adjusted EBITDA came in at US$232 million compared to US$142 million in the previous quarter and a loss of US$1 million in the year-ago period.
The company ended the year with US$1.68 billion in cash and cash equivalents and adjusted liquidity of US$2.1 billion.
For 2022, the firm expects revenue to be greater than US$6.5 billion, banking on its aircraft delivery mix and a “sold-out” 2022 production. Adjusted EBITDA is estimated to be higher than US$825 million while free cash flow is expected to generate an inflow of greater than US$50 million.
Bombardier last traded at $14.69 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.