Obbligazioni societarie Monitor Bond Industria Aeronautica Worldwide e Linee Aeree Europee
Imark
Forumer storico
E S&P mette in osservazione il rating di Boeing, in vista della debolezza del settore dei commercial aircraft, che resterà debole per almeno un biennio generando in futuro differimenti e cancellazioni di ordini già acquisiti e traducendosi in un ridotto flusso di nuovi ordini, secondo l'agenzia ...
Le clausole contrattuali riguardanti l'acquisto dei mezzi aerei inciderà negativamente, secondo quanto già visto, sui prezzi pagati dagli acquirenti.
Non a caso probabilmente i simpatici danesi di Jyske Bank hanno rilanciato su Bombardier, suggerendo anche l'acquisto di un bond corto della società, a scadenza 2012...
Boeing Co. 'A+' Long-Term Rating On CreditWatch Negative; Company Cutting Widebody Production
NEW YORK (Standard & Poor's) April 10, 2009--Standard & Poor's Ratings Services today said it placed its ratings on Boeing Co. and its wholly owned finance subsidiary Boeing Capital Corp., including the 'A+' long-term corporate credit rating on both entities, on CreditWatch with negative implications.
At the same time, we affirmed the 'A-1' short-term ratings on both entities, which are not on CreditWatch. "The CreditWatch placement follows Boeing's announcement that it will be reducing production or delaying production increases on certain widebody aircraft next year and will be taking a related charge in the first quarter of 2009," said Standard & Poor's credit analyst Christopher DeNicolo.
The company announced that it will be reducing production rates on the 777 in June 2010 to five a month from seven and will be delaying planned increases on 767s and the new 747-8. The production rate changes and lower pricing on aircraft already in backlog, because of declines in escalation indices, will require a charge of $0.38 a share in the first quarter of 2009, most of which is related to the 747-8.
We believe the global economic weakness, decreased air traffic, losses at airlines, and difficulty in arranging financing are likely to result in further aircraft order cancellations and deferrals of aircraft deliveries and could require additional cuts in production to match output with demand.
Although aircraft orders will be sharply lower in 2009-2010, very strong demand in 2005-2007 and most of 2008 resulted in Boeing's record backlog ($279 billion at Dec. 31, 2008), equaling about 8x annual production, limiting the likelihood of a significant decline in production.
Other concerns in the commercial aircraft business include the potential for substantially higher customer financing requirements and the delayed development of the new midsize 787.
Although not a near-term concern, a number of programs in Boeing's Integrated Defense Systems segment (approximately 52% of 2008 revenues), including the C-17 cargo aircraft, the Future Combat System for the U.S. Army, and various missile defense programs, are vulnerable to reduced funding or cancellation as part of recent proposed changes to U.S. defense spending.
A significantly higher pension deficit, the financial effect of the machinists strike in September to October 2008, cost overruns on the 747-8 aircraft development program, and working capital needs resulted in markedly weaker credit protection measures (which were strong for the ratings in 2007 and most of 2008), considerably lower cash balances, and negative book equity.
Financial ratios are likely to improve slightly in 2009, mostly because of higher aircraft deliveries following the 2008 strike, but ratios are likely to remain below average for the current rating for at least the next two years, affected by the recently announced production cuts and lower aircraft pricing
Le clausole contrattuali riguardanti l'acquisto dei mezzi aerei inciderà negativamente, secondo quanto già visto, sui prezzi pagati dagli acquirenti.
Non a caso probabilmente i simpatici danesi di Jyske Bank hanno rilanciato su Bombardier, suggerendo anche l'acquisto di un bond corto della società, a scadenza 2012...
Boeing Co. 'A+' Long-Term Rating On CreditWatch Negative; Company Cutting Widebody Production
NEW YORK (Standard & Poor's) April 10, 2009--Standard & Poor's Ratings Services today said it placed its ratings on Boeing Co. and its wholly owned finance subsidiary Boeing Capital Corp., including the 'A+' long-term corporate credit rating on both entities, on CreditWatch with negative implications.
At the same time, we affirmed the 'A-1' short-term ratings on both entities, which are not on CreditWatch. "The CreditWatch placement follows Boeing's announcement that it will be reducing production or delaying production increases on certain widebody aircraft next year and will be taking a related charge in the first quarter of 2009," said Standard & Poor's credit analyst Christopher DeNicolo.
The company announced that it will be reducing production rates on the 777 in June 2010 to five a month from seven and will be delaying planned increases on 767s and the new 747-8. The production rate changes and lower pricing on aircraft already in backlog, because of declines in escalation indices, will require a charge of $0.38 a share in the first quarter of 2009, most of which is related to the 747-8.
We believe the global economic weakness, decreased air traffic, losses at airlines, and difficulty in arranging financing are likely to result in further aircraft order cancellations and deferrals of aircraft deliveries and could require additional cuts in production to match output with demand.
Although aircraft orders will be sharply lower in 2009-2010, very strong demand in 2005-2007 and most of 2008 resulted in Boeing's record backlog ($279 billion at Dec. 31, 2008), equaling about 8x annual production, limiting the likelihood of a significant decline in production.
Other concerns in the commercial aircraft business include the potential for substantially higher customer financing requirements and the delayed development of the new midsize 787.
Although not a near-term concern, a number of programs in Boeing's Integrated Defense Systems segment (approximately 52% of 2008 revenues), including the C-17 cargo aircraft, the Future Combat System for the U.S. Army, and various missile defense programs, are vulnerable to reduced funding or cancellation as part of recent proposed changes to U.S. defense spending.
A significantly higher pension deficit, the financial effect of the machinists strike in September to October 2008, cost overruns on the 747-8 aircraft development program, and working capital needs resulted in markedly weaker credit protection measures (which were strong for the ratings in 2007 and most of 2008), considerably lower cash balances, and negative book equity.
Financial ratios are likely to improve slightly in 2009, mostly because of higher aircraft deliveries following the 2008 strike, but ratios are likely to remain below average for the current rating for at least the next two years, affected by the recently announced production cuts and lower aircraft pricing
Imark
Forumer storico
Posto anche questo update del commento ai risultati trimestrali di Bombardier, in quanto molto più ampio del primo del quale si è dato conto pochi giorni fa ... faccio anche ammenda per ciò che concerne il dato dei 6 nuovi ordini ... si tratta infatti di net orders, ossia del flusso di nuovi ordini come ridotto dalle cancellazioni di ordini già ricevuti in precedenza.
APRIL 2, 2009, 10:41 A.M. ET UPDATE: Bombardier Surprises In 4Q With Strong Margins
(Adds analyst commentary, share-price activity, additional earnings detail, reworks for clarity.)By Monica GutschiOf DOW JONES
NEWSWIRESBombardier Inc. (BBD.B.T) shares opened sharply higher Thursday, despite its announcement of another deep cut in business-jet production and severe job losses.
None of that surprised investors, who had widely expected the Montreal company to revise its February outlook on the business-jet market as that industry continues its freefall.
What cheered investors were the strong margins reported in both its aerospace and rail transportation units, testament to the effective cost-cutting Bombardier has already done. Most importantly, the transportation unit reached its goal of a 6% EBIT margin.
"That gives the market some comfort on transportation's ability to buffer the downturn in aerospace," said Cameron Doerksen, analyst at Versant Partners. He doesn't own Bombardier shares and his firm doesn't have an investment-banking relationship with the company.
Moreover, the aerospace unit also saw margins improve to 9.8% on better selling prices, in spite of the steep decline in orders.
That meant Bombardier was able to easily beat expectations. It reported fourth-quarter earnings of 17 cents, up from 12 cents a year ago and ahead of forecasts of 12 cents.
In Toronto, Bombardier is up 35 Canadian cents, or 12%, to C$3.39 on 11.5 million shares.
For the fourth quarter ended Jan. 31, Bombardier earned $309 million compared with $218 million a year earlier.
Revenue rose to $5.43 billion from $5.27 billion, although the contribution from aerospace continues to decline and that from the rail transportation unit continues to climb.
Free cash for the quarter amounted to a usage of $91 million, a reversal from its traditional ability to generate free cash flow in the fourth quarter. A year earlier, free cash flow totaled $924 million. The decline was mainly due to a drop in progress payments from business jet customers, and other problems resulting from difficult worldwide financing conditions.
Earnings before financing income, financing expense and income tax, or EBIT, totaled $435 million or 8% of revenue, compared with $305 million or 5.8% of revenue a year earlier, meeting company guidance.
Observers were also pleased to see the company end the year with $3.5 billion in cash, and no debt repayment until 2012. As well, the pension deficit rose much less than expected, giving Bombardier a good liquidity position.
Although the order backlog at Jan. 31 was $48.2 billion, down from $53.6 billion a year earlier, the decline was due to a drop in the transportation backlog to $24.7 billion from $30.9 billion last year on the rapid depreciation of the euro and U.K. pound versus the U.S. dollar.
The bad news was mainly concentrated in the aerospace unit. Bombardier delivered 93 aircraft in the fourth quarter, down from 115 a year earlier with the bulk of the drop in its business jets. Business jet deliveries fell to 54 from 76. Commercial aircraft deliveries slipped to 37 from 38.
But the order book was even worse, with cancellations and deferrals easily outpacing new orders. Although Bombardier received 25 orders for its popular Q400 turboprop in the period, it received so many business-jet cancellations its net orders came in at only six, compared to 213 a year earlier.
While the economic outlook is uncertain, and "the situation remains volatile," Chief Executive Pierre Beaudoin said on the quarterly earnings call, "both of our businesses are not affected in the same way."
Because of the dimming outlook in aerospace, the company has taken "further action," Beaudoin said, which includes a 25% cut in aircraft production and 3,000 layoffs. But the "fundamentals" in the transportation business remain strong, he added.
Analysts said the latest aircraft production cut is more in line with what Bombardier's competitors have announced. Most had suggested the company's initial 10% guidance cut made in February wasn't enough and some believe it could cut even further.
Aerospace President Guy Hachey said the initial cuts were to production of its smaller Lear and Challenger jets, but the additional cuts announced Thursday will include some slowdown in the larger Global family of jets
APRIL 2, 2009, 10:41 A.M. ET UPDATE: Bombardier Surprises In 4Q With Strong Margins
(Adds analyst commentary, share-price activity, additional earnings detail, reworks for clarity.)By Monica GutschiOf DOW JONES
NEWSWIRESBombardier Inc. (BBD.B.T) shares opened sharply higher Thursday, despite its announcement of another deep cut in business-jet production and severe job losses.
None of that surprised investors, who had widely expected the Montreal company to revise its February outlook on the business-jet market as that industry continues its freefall.
What cheered investors were the strong margins reported in both its aerospace and rail transportation units, testament to the effective cost-cutting Bombardier has already done. Most importantly, the transportation unit reached its goal of a 6% EBIT margin.
"That gives the market some comfort on transportation's ability to buffer the downturn in aerospace," said Cameron Doerksen, analyst at Versant Partners. He doesn't own Bombardier shares and his firm doesn't have an investment-banking relationship with the company.
Moreover, the aerospace unit also saw margins improve to 9.8% on better selling prices, in spite of the steep decline in orders.
That meant Bombardier was able to easily beat expectations. It reported fourth-quarter earnings of 17 cents, up from 12 cents a year ago and ahead of forecasts of 12 cents.
In Toronto, Bombardier is up 35 Canadian cents, or 12%, to C$3.39 on 11.5 million shares.
For the fourth quarter ended Jan. 31, Bombardier earned $309 million compared with $218 million a year earlier.
Revenue rose to $5.43 billion from $5.27 billion, although the contribution from aerospace continues to decline and that from the rail transportation unit continues to climb.
Free cash for the quarter amounted to a usage of $91 million, a reversal from its traditional ability to generate free cash flow in the fourth quarter. A year earlier, free cash flow totaled $924 million. The decline was mainly due to a drop in progress payments from business jet customers, and other problems resulting from difficult worldwide financing conditions.
Earnings before financing income, financing expense and income tax, or EBIT, totaled $435 million or 8% of revenue, compared with $305 million or 5.8% of revenue a year earlier, meeting company guidance.
Observers were also pleased to see the company end the year with $3.5 billion in cash, and no debt repayment until 2012. As well, the pension deficit rose much less than expected, giving Bombardier a good liquidity position.
Although the order backlog at Jan. 31 was $48.2 billion, down from $53.6 billion a year earlier, the decline was due to a drop in the transportation backlog to $24.7 billion from $30.9 billion last year on the rapid depreciation of the euro and U.K. pound versus the U.S. dollar.
The bad news was mainly concentrated in the aerospace unit. Bombardier delivered 93 aircraft in the fourth quarter, down from 115 a year earlier with the bulk of the drop in its business jets. Business jet deliveries fell to 54 from 76. Commercial aircraft deliveries slipped to 37 from 38.
But the order book was even worse, with cancellations and deferrals easily outpacing new orders. Although Bombardier received 25 orders for its popular Q400 turboprop in the period, it received so many business-jet cancellations its net orders came in at only six, compared to 213 a year earlier.
While the economic outlook is uncertain, and "the situation remains volatile," Chief Executive Pierre Beaudoin said on the quarterly earnings call, "both of our businesses are not affected in the same way."
Because of the dimming outlook in aerospace, the company has taken "further action," Beaudoin said, which includes a 25% cut in aircraft production and 3,000 layoffs. But the "fundamentals" in the transportation business remain strong, he added.
Analysts said the latest aircraft production cut is more in line with what Bombardier's competitors have announced. Most had suggested the company's initial 10% guidance cut made in February wasn't enough and some believe it could cut even further.
Aerospace President Guy Hachey said the initial cuts were to production of its smaller Lear and Challenger jets, but the additional cuts announced Thursday will include some slowdown in the larger Global family of jets
mostromarino
Guest
dedalonews 10.4
Boeing riduce consegne widebody e annuncia prezzi in calo
Nel 2010 Boeing ridurrà le consegne di aerei a doppio corridoio ("widebody") a causa del «significativo deterioramento del clima economico per compagnie aeree e operatori cargo causato da condizioni economiche globali senza precedenti.»
Lo ha annunciato il costruttore americano a pochi giorni dalla presentazione dei risultati del primo trimestre 2009. In più, dice Boeing, i prezzi degli aerei non aumenteranno come previsto.
Benché quest’anno non vi siano state cancellazioni per 777, 767 e 747, Boeing prevede di tagliare le consegne del 777 da sette a cinque unità al mese a partire dal giugno 2010. Per gli altri due aerei è stato cancellato il previsto leggero incremento di produzione.
Nessun taglio, infine, per il 737, l’unico aereo a corridoio singolo attualmente costruito da Boeing.
Boeing aggiornerà le stime sull’andamento dell’esercizio attuale il 22 aprile, ma ha già anticipato che i tagli di produzione e la debolezza dei prezzi ridurranno gli utili netti trimestrali per azione di circa 38 centesimi, imputabili per tre quarti al solo 747 - che, ammette Boeing, è attualmente in perdita.
Airbus aveva annunciato il riallineamento della produzione in febbraio , mantenendo stabile il widebody A330 e tagliando l’A320.
Boeing riduce consegne widebody e annuncia prezzi in calo
Nel 2010 Boeing ridurrà le consegne di aerei a doppio corridoio ("widebody") a causa del «significativo deterioramento del clima economico per compagnie aeree e operatori cargo causato da condizioni economiche globali senza precedenti.»
Lo ha annunciato il costruttore americano a pochi giorni dalla presentazione dei risultati del primo trimestre 2009. In più, dice Boeing, i prezzi degli aerei non aumenteranno come previsto.
Benché quest’anno non vi siano state cancellazioni per 777, 767 e 747, Boeing prevede di tagliare le consegne del 777 da sette a cinque unità al mese a partire dal giugno 2010. Per gli altri due aerei è stato cancellato il previsto leggero incremento di produzione.
Nessun taglio, infine, per il 737, l’unico aereo a corridoio singolo attualmente costruito da Boeing.
Boeing aggiornerà le stime sull’andamento dell’esercizio attuale il 22 aprile, ma ha già anticipato che i tagli di produzione e la debolezza dei prezzi ridurranno gli utili netti trimestrali per azione di circa 38 centesimi, imputabili per tre quarti al solo 747 - che, ammette Boeing, è attualmente in perdita.
Airbus aveva annunciato il riallineamento della produzione in febbraio , mantenendo stabile il widebody A330 e tagliando l’A320.
solenoide
Forumer storico
Bombardier: Tazzioli, con Finmeccanica treni e accordo per nuovo jet
Alenia partner per 20 anni. Con Breda colloqui sui regionali (Il Sole 24 Ore Radiocor) - Roma, 14 apr - Bombardier ha firmato con Alenia Aeronautica un "accordo ventennale" di sviluppo e fornitura di parti in materiali compositi per la nuova famiglia di jet regionali del gruppo canadese, C-Series da 100-130 posti. Lo annuncia in un colloquio con Radiocor il presidente e amministratore delegato di Bombardier Transportation Italia, Roberto Tazzioli. Si stringono cosi sempre piu i rapporti tra Bombardier e il gruppo Finmeccanica. Infatti, dopo lintesa industriale e commerciale con AnsaldoBreda per realizzare un treno super veloce con cui prendere parte alla prossima gara delle Ferrovie dello Stato per 50 nuovi treni ad alta velocita, ora la partnership si allarga anche al settore aeronautico. Sulla gara delle Fs da oltre 1,2 miliardi, Tazzioli si attende il bando "entro giugno", mentre il contratto "dovrebbe arrivare entro lanno". Tazzioli si dice "fiducioso" sulle possibilita di successo del nuovo V300 da oltre 300 km/h in corso di sviluppo con AnsaldoBreda: "Riteniamo di poter fornire un prodotto tagliato su misura per le esigenze delle Ferrovie dello Stato". Quanto alla collaborazione con la societa ferroviaria del gruppo Finmeccanica, il numero uno di Bombardier in Italia dice che si "sta discutendo" di allargarla anche al settore dei treni regionali dove sono attese "a breve" gare dalle Fs "per qualche miliardo di euro". Zam-Y- (RADIOCOR) 14-04-09 16:55:59 (0222)news 3 NNNN
Alenia partner per 20 anni. Con Breda colloqui sui regionali (Il Sole 24 Ore Radiocor) - Roma, 14 apr - Bombardier ha firmato con Alenia Aeronautica un "accordo ventennale" di sviluppo e fornitura di parti in materiali compositi per la nuova famiglia di jet regionali del gruppo canadese, C-Series da 100-130 posti. Lo annuncia in un colloquio con Radiocor il presidente e amministratore delegato di Bombardier Transportation Italia, Roberto Tazzioli. Si stringono cosi sempre piu i rapporti tra Bombardier e il gruppo Finmeccanica. Infatti, dopo lintesa industriale e commerciale con AnsaldoBreda per realizzare un treno super veloce con cui prendere parte alla prossima gara delle Ferrovie dello Stato per 50 nuovi treni ad alta velocita, ora la partnership si allarga anche al settore aeronautico. Sulla gara delle Fs da oltre 1,2 miliardi, Tazzioli si attende il bando "entro giugno", mentre il contratto "dovrebbe arrivare entro lanno". Tazzioli si dice "fiducioso" sulle possibilita di successo del nuovo V300 da oltre 300 km/h in corso di sviluppo con AnsaldoBreda: "Riteniamo di poter fornire un prodotto tagliato su misura per le esigenze delle Ferrovie dello Stato". Quanto alla collaborazione con la societa ferroviaria del gruppo Finmeccanica, il numero uno di Bombardier in Italia dice che si "sta discutendo" di allargarla anche al settore dei treni regionali dove sono attese "a breve" gare dalle Fs "per qualche miliardo di euro". Zam-Y- (RADIOCOR) 14-04-09 16:55:59 (0222)news 3 NNNN
Imark
Forumer storico
S&P afferma il rating di Bombardier con outlook stabile... l'opinione dell'agenzia è moderatamente positiva, pur senza mancare di enfatizzare i rischi che un prolungato downturn potrebbe avere sui livelli di liquidità disponibili a copertura del debito, attualmente soddisfacenti...
In realtà, un qualche indebolimento del rating legato ad un deterioramento del profilo di rischio finanziario dell'emittente nel prossimo biennio non è da escludere...
più remote le prospettive di ritorno all'IG, che almeno al momento vengono rinviate ad un ritorno del mercato dei mezzi aerei a condizioni di crescita dimensionale.
Bombardier Inc. CCR Affirmed At 'BB+' On Improving Financial Flexibility; Stable Outlook
TORONTO (Standard & Poor's) April 21, 2009--Standard & Poor's Ratings Services today said it affirmed its ratings, including the 'BB+' long-term corporate credit rating, on Montreal-based Bombardier Inc. The outlook is stable.
"The ratings on Bombardier reflect what we view as the company's steadily improving financial flexibility through debt reduction and cash conservation, and its leading market positions in the transportation and business aircraft segments, as well as its improving cost efficiency, increasing product range, and diversity," said Standard & Poor's credit analyst Greg Pau.
These positive factors are partially offset in our opinion by the severe challenges facing the aerospace business because of the sharp decline in demand and the need for diligently adjusting production capacity, as well as high execution risk of new aircraft programs in the current business down cycle.
We believe that management's efforts to restore Bombardier's financial health, to conserve liquidity, and to improve profitability in the past five years have materially enhanced the company's financial flexibility. Such financial flexibility would, in our view, become a valuable cushion for Bombardier to weather the current downturn, while proceeding with the aircraft programs it deems important to enhance its long-term competitiveness.
The aerospace industry has faced what we consider tremendous challenges since fourth-quarter fiscal 2008 because of the economic recession, more difficult aircraft financing and leasing markets, airlines' capacity reduction, and growing pre-owned jets inventory.
We understand Bombardier's aerospace division, like other manufacturers, has also faced order deferrals and cancellations while new orders in business jets have effectively dried up since November 2008.
Standard & Poor's believes that the transportation division's sizable backlog position covering 2.5 years of fiscal 2009 revenue and continued (albeit weaker) order intake could support Bombardier's cash flow generation as the aerospace business faces its challenges.
Because of that, we think the continued efficiency improvement and order execution in transportation is likely to become even more important in the next two years.
The stable outlook reflects our view that Bombardier's improved financial measures are likely to be reversed by the challenging business conditions in the aerospace division. Hence, we believe that headroom is reduced at the current rating level. With its liquid resources, we expect Bombardier to weather the current downturn without material deterioration in its financial risk measures from its fiscal 2008 level.
However, we also recognize that the severity and duration of the current downturn, which is difficult to predict, could put further pressure on Bombardier's financial risk profile.
We could revise the outlook on Bombardier to negative if the company's adjusted debt to EBITDA exceeds 3.75x or adjusted funds from operations (FFO) to debt falls below 25%.
We would also consider lowering the rating upon further deterioration of adjusted debt to EBITDA to more than 4x or if adjusted FFO to debt falls below 20%. The rating action, if taken, would also reflect our forward-looking view on aerospace market conditions and what we consider Bombardier's ability to adjust its capacity accordingly.
Under the current business conditions, an upgrade or outlook revision to positive is, in our opinion, unlikely in the near term. Nevertheless, when what we view as more normal and stable market conditions return, we could consider revising the outlook to positive or raising the rating on Bombardier if the company improves its financial measures, with adjusted debt to EBITDA falling below 2.5x and or adjusted FFO to debt reaching 40%
In realtà, un qualche indebolimento del rating legato ad un deterioramento del profilo di rischio finanziario dell'emittente nel prossimo biennio non è da escludere...
più remote le prospettive di ritorno all'IG, che almeno al momento vengono rinviate ad un ritorno del mercato dei mezzi aerei a condizioni di crescita dimensionale.Bombardier Inc. CCR Affirmed At 'BB+' On Improving Financial Flexibility; Stable Outlook
TORONTO (Standard & Poor's) April 21, 2009--Standard & Poor's Ratings Services today said it affirmed its ratings, including the 'BB+' long-term corporate credit rating, on Montreal-based Bombardier Inc. The outlook is stable.
"The ratings on Bombardier reflect what we view as the company's steadily improving financial flexibility through debt reduction and cash conservation, and its leading market positions in the transportation and business aircraft segments, as well as its improving cost efficiency, increasing product range, and diversity," said Standard & Poor's credit analyst Greg Pau.
These positive factors are partially offset in our opinion by the severe challenges facing the aerospace business because of the sharp decline in demand and the need for diligently adjusting production capacity, as well as high execution risk of new aircraft programs in the current business down cycle.
We believe that management's efforts to restore Bombardier's financial health, to conserve liquidity, and to improve profitability in the past five years have materially enhanced the company's financial flexibility. Such financial flexibility would, in our view, become a valuable cushion for Bombardier to weather the current downturn, while proceeding with the aircraft programs it deems important to enhance its long-term competitiveness.
The aerospace industry has faced what we consider tremendous challenges since fourth-quarter fiscal 2008 because of the economic recession, more difficult aircraft financing and leasing markets, airlines' capacity reduction, and growing pre-owned jets inventory.
We understand Bombardier's aerospace division, like other manufacturers, has also faced order deferrals and cancellations while new orders in business jets have effectively dried up since November 2008.
Standard & Poor's believes that the transportation division's sizable backlog position covering 2.5 years of fiscal 2009 revenue and continued (albeit weaker) order intake could support Bombardier's cash flow generation as the aerospace business faces its challenges.
Because of that, we think the continued efficiency improvement and order execution in transportation is likely to become even more important in the next two years.
The stable outlook reflects our view that Bombardier's improved financial measures are likely to be reversed by the challenging business conditions in the aerospace division. Hence, we believe that headroom is reduced at the current rating level. With its liquid resources, we expect Bombardier to weather the current downturn without material deterioration in its financial risk measures from its fiscal 2008 level.
However, we also recognize that the severity and duration of the current downturn, which is difficult to predict, could put further pressure on Bombardier's financial risk profile.
We could revise the outlook on Bombardier to negative if the company's adjusted debt to EBITDA exceeds 3.75x or adjusted funds from operations (FFO) to debt falls below 25%.
We would also consider lowering the rating upon further deterioration of adjusted debt to EBITDA to more than 4x or if adjusted FFO to debt falls below 20%. The rating action, if taken, would also reflect our forward-looking view on aerospace market conditions and what we consider Bombardier's ability to adjust its capacity accordingly.
Under the current business conditions, an upgrade or outlook revision to positive is, in our opinion, unlikely in the near term. Nevertheless, when what we view as more normal and stable market conditions return, we could consider revising the outlook to positive or raising the rating on Bombardier if the company improves its financial measures, with adjusted debt to EBITDA falling below 2.5x and or adjusted FFO to debt reaching 40%
Imark
Forumer storico
Ciao Fabio, secondo me hanno fatto un ottimo lavoro, e stanno continuando a farlo anche operando in anticipo sul calendario prefissato(ad es. sul target sull'EBIT margin per la divisione trasporti terrestri) ... ho un loro bond, sono convinto che possano farcela ... dovesse trattarsi di una crisi di durata molto lunga, eccedente i 2-3 anni, allora mi preoccuperei... sinceramente non credo accadrà... alla peggio, dovesse intensificarsi ulteriormente il cash burning, nel biennio 2009-2010, dovranno porre in essere ulteriori contromisure in termini di contenimento dei costi produttivi.
Scadenze corte sul debito non ne hanno, la disponibilità di liquidità è consistente, il backlog comunque robusto anche per la divisione ferroviaria (e qui i committenti sono in larga misura pubblici)...
Ultima modifica:
Imark
Forumer storico
La Boeing riduce il forecast per il 2009. Nel Q1/2009 annuncia fatturato in salita del 3%, utili in calo del 50% e 32 cancellazioni su di un backlog che attualmente risulta pari a 886 aeroplani.
L'operating cash flow risulta in calo del 90% y-o-y.
Boeing posts sharply lower earnings, cuts forecast
Falling air-traffic demand weighs on production rates and jet prices
By Christopher Hinton, MarketWatch
Last update: 10:04 a.m. EDT April 22, 2009
NEW YORK (MarketWatch) -- Boeing Co. reported sharply lower first-quarter earnings on Wednesday and cut its forecast for the remainder of the year, citing global economic pressures on its commercial-aviation business.
The Chicago-based aircraft manufacturer said it made $610 million, or 86 cents a share, in the latest period, compared to $1.2 billion, or $1.62 a share, in the same period a year ago. Revenue rose 3% to $16.5 billion.
Analysts polled by FactSet Research expected earnings of 93 cents a share and sales of $16.6 billion, on average.
"The expanded global economic downturn is presenting unprecedented challenges in our commercial airplane markets," said Chairman and Chief Executive Officer Jim McNerney.
Last month, Boeing said it would take a 38-cents-a-share hit in the quarter as it slows the production rate for its wide-body jets and reduces selling prices because of sluggish demand.
For the full year 2009, Boeing lowered its earnings forecast to a range of $4.70 to $5.00 a share from its prior range of $5.05 to $5.35 a share, citing lower price expectations. Wall Street was looking for full-year earnings of $4.76 a share.
Shares of Boeing rose about 1.9% in early trading to $37.35. The stock is down more than 50% in the past year, as global demand for air traffic declined sharply amid an economic recession and financial-market crisis.
"As expected, this was not a pretty quarter from Boeing, but not materially worse than we had anticipated," said Macquarie Research analyst Robert Stallard. "The key negatives were the cash burn in the quarter and the slightly lower-than-expected margin in BCA."
Margins in Boeing Commercial Airplanes contracted 4.9% because of reduction to wide-body jet production and unfavorable delivery prices. Operating cash flow was $193 million compared to nearly $2 billion last year, reflecting investment in development programs and lower advances from commercial airplane orders.
Regarding the 787 Dreamliner, the company continues to expect the first flight to take place in the second quarter. Orders for 32 of the new aircraft were cancelled during the first quarter. The company said it has firm orders for 886 of the planes.
Boeing ended the recent quarter with a backlog of $339 billion.
L'operating cash flow risulta in calo del 90% y-o-y.
Boeing posts sharply lower earnings, cuts forecast
Falling air-traffic demand weighs on production rates and jet prices
By Christopher Hinton, MarketWatch
Last update: 10:04 a.m. EDT April 22, 2009
NEW YORK (MarketWatch) -- Boeing Co. reported sharply lower first-quarter earnings on Wednesday and cut its forecast for the remainder of the year, citing global economic pressures on its commercial-aviation business.
The Chicago-based aircraft manufacturer said it made $610 million, or 86 cents a share, in the latest period, compared to $1.2 billion, or $1.62 a share, in the same period a year ago. Revenue rose 3% to $16.5 billion.
Analysts polled by FactSet Research expected earnings of 93 cents a share and sales of $16.6 billion, on average.
"The expanded global economic downturn is presenting unprecedented challenges in our commercial airplane markets," said Chairman and Chief Executive Officer Jim McNerney.
Last month, Boeing said it would take a 38-cents-a-share hit in the quarter as it slows the production rate for its wide-body jets and reduces selling prices because of sluggish demand.
For the full year 2009, Boeing lowered its earnings forecast to a range of $4.70 to $5.00 a share from its prior range of $5.05 to $5.35 a share, citing lower price expectations. Wall Street was looking for full-year earnings of $4.76 a share.
Shares of Boeing rose about 1.9% in early trading to $37.35. The stock is down more than 50% in the past year, as global demand for air traffic declined sharply amid an economic recession and financial-market crisis.
"As expected, this was not a pretty quarter from Boeing, but not materially worse than we had anticipated," said Macquarie Research analyst Robert Stallard. "The key negatives were the cash burn in the quarter and the slightly lower-than-expected margin in BCA."
Margins in Boeing Commercial Airplanes contracted 4.9% because of reduction to wide-body jet production and unfavorable delivery prices. Operating cash flow was $193 million compared to nearly $2 billion last year, reflecting investment in development programs and lower advances from commercial airplane orders.
Regarding the 787 Dreamliner, the company continues to expect the first flight to take place in the second quarter. Orders for 32 of the new aircraft were cancelled during the first quarter. The company said it has firm orders for 886 of the planes.
Boeing ended the recent quarter with a backlog of $339 billion.
solenoide
Forumer storico
il backlog comunque robusto anche per la divisione ferroviaria (e qui i committenti sono in larga misura pubblici)...
Ciao,
pensavo proprio a treni e metropolitane , ho visto che ha collaborazioni con Alstom e dichiara di avere un parco treni circolante di 100.000 unita' , mica noccioline...mi sa che dopo Generali dovro' considerare un altro taglio da 50.000
Ciao,
pensavo proprio a treni e metropolitane , ho visto che ha collaborazioni con Alstom e dichiara di avere un parco treni circolante di 100.000 unita' , mica noccioline...mi sa che dopo Generali dovro' considerare un altro taglio da 50.000
Similar threads
