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Bombardier Posts Fourth Consecutive Year of Diversified Growth and Solid Financial Performance

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GlobeNewswire

Published Feb 06, 2025  •  29 minute read

Article contentRevenues beat guidance and grew year-over-year to $8.7 billion, driven by record service performance exceeding $2.0 billion, and 146 aircraft deliveries.Adjusted EBITDA(1) up 11% year-over-year to $1.36 billion, and adjusted EBITDA margin(2) reached 15.7%. Full-year reported EBIT reached $878 million.Net income and adjusted net income(1) were $370 million and $547 million respectively. Diluted EPS(3) reached $3.40, while adjusted EPS(2) was up 31% year-over-year, from $3.94 to $5.16.Free cash flow generation(1) of $232 million; reported cash flows from operating activities(3) and net additions to PP&E and intangible assets were at $405 million and $173 million respectively.Backlog(4) up year-over-year to $14.4 billion as at December 31, 2024. Unit book-to-bill(5) of 1.0 demonstrates consistent demand.Solid progress on deleveraging sees approximately $400 million debt reduction(6)(7) launched in 2024, adjusted net debt to adjusted EBITDA ratio(2) was reduced from 3.3x in 2023 to 2.9x. Further balance sheet strengthening with the purchase of approximately $635 million in annuities(8) for some pension plans. Available liquidity(1) of $2.1 billion; cash and cash equivalents were $1.7 billion as at December 31, 2024.In light of the rapidly evolving landscape stemming from the February 1, 2025 executive orders signed by the President of the United States regarding new tariffs, Bombardier has elected to defer providing guidance and 2025 objectives(9).

All amounts in this press release are in U.S. dollars, unless otherwise indicated.
Amounts in tables are in millions except per share amounts, unless otherwise indicated. 

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MONTRÉAL, Feb. 06, 2025 (GLOBE NEWSWIRE) — Bombardier Inc. (TSX: BBD.B) today announced solid fourth quarter and full-year 2024 financial results, closing out the company’s fourth consecutive year of sustained growth across all key metrics.

“Our team passionately and proudly executed our plan in 2024 at a very high level, growing revenue to meet guidance, growing deliveries, growing our backlog, meaningfully expanding our margins, and reaching a net leverage ratio of 2.9x,” said Éric Martel, President and Chief Executive Officer, Bombardier. “Four years ago, we outlined a bold vision for how we wanted to structure Bombardier for success. Our company has accomplished more than we set out to,  including reaching our 2-billion-dollar service revenue ambition a full year ahead of schedule by rapidly elevating our customer experience and offerings. Whether in our operations, in the field or on our balance sheet, we have time and again demonstrated that we are strong and resilient.”

Strong Revenue Growth Driven by Impressive Services Performance

Bombardier reported total revenues of $8.7 billion for 2024, surpassing guidance with an 8% increase year-over-year, driven by a solid delivery mix and record services revenue. The company’s Services business continued its impressive performance with $2.04 billion in revenue, reaching the long-term objective outlined as part of the company’s 2021 Investor Day a full year in advance. Services revenues were up 16% from 2023, continuing its double-digit growth trend as all major network expansion projects are now fully operationalized.

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Higher Deliveries and Order Activity Fuel Healthy Backlog

Bombardier continued to maintain a disciplined approach to its production, rounding out a particularly active fourth quarter of 2024 to reach total of 146 aircraft deliveries for the year, versus 138 in 2023. Backlog(4) was up $200 million from 2023, reaching $14.4 billion as at December 31, 2024. The company also reported a full-year unit book-to-bill of 1.0(5), reflecting steady and strong demand.

Increased Profitability Continues to Support Deleveraging Efforts

Bombardier maintained its profitable growth trajectory for 2024. Adjusted net income(1) saw a significant up-tick in 2024, reaching $547 million. Full-year adjusted EPS(2) rose 31% year-over-year, up from $3.94 in 2023 to $5.16 in 2024. Diluted EPS(3) was $3.40 for full-year 2024.

Adjusted EBITDA(1) came in at $1.36 billion for 2024, representing 11% growth year-over-year, driven mainly by higher deliveries and an increased contribution from Services, partially offset by supply chain disruption costs. Full-year adjusted EBIT(1)  reached $915 million, up 15% from 2023.  

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The company reported free cash flow (FCF) generation(1) of $232 million, ending the year in line with expectations. Contributing factors to the full-year FCF generation(1) result included strong profitability, disciplined capital investments, inventory build to support production rates, higher supplier advances that offset lower customers advances, due to timing of progress payments. Cash flow from operating activities(3) and net additions to PP&E and intangible assets were at $405 million and $173 million respectively for full-year 2024.

Bombardier continued its successful progress on de-leveraging with approximately $400 million in debt reduction(6)(7) in 2024, bringing the adjusted net debt to adjusted EBITDA ratio(2) down from 3.3x in 2023 to 2.9x. Available liquidity(1) was $2.1 billion as at December 31, 2024.

In 2024, approximately $635 million in annuities(8) were purchased for certain pensioners and beneficiaries of the Bombardier pension plans registered in Québec, further strengthening the company’s balance sheet.

Update on 2025 Outlook

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On February 1, 2025, the President of the United States issued three executive orders directing the United States to impose new tariffs on imports originating from Canada, Mexico and China. These orders call for additional 25% duty on imports into the United States of Canadian-origin and Mexican-origin products and 10% duty on Chinese-origin products, except for Canadian energy resources that are subject to an additional 10% duty. In light of the rapidly evolving schedule for tariff implementation and the effects they may have, Bombardier has elected to defer providing guidance and 2025 objectives(9), until the Corporation has had the opportunity to further assess the direct and indirect impacts to its business of such tariffs, retaliatory tariffs or other trade protectionist measures implemented as this situation develops. Bombardier’s long-term priorities and strategic orientation remain intact, including plans for continuing growth in its Defense and Services businesses and continued de-leveraging.

(1)Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the Management Discussion & Analysis of the Corporation’s financial report for the fiscal year ended December 31, 2024 (“MD&A”) for definitions of these metrics and reconciliations to the most comparable IFRS measures.(2)Non-GAAP financial ratio. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.(3) Only from continuing operations.(4)  Represents order backlog for both manufacturing and Services.(5)Defined as net new aircraft orders in units over aircraft deliveries in units.(6)Including the partial repayment of $300 million of Senior Notes due 2027 completed in January 2025.(7)Using cash from the Corporation’s balance sheet.(8)In 2024, approximately $635 million of annuities were purchased for some pensioners and beneficiaries of the Bombardier pension plans registered in Québec, with legal discharge occurring in 2025.(9)Refer to the Strategic Priorities and Investor Day Recap sections in the MD&A of the Corporation’s financial report for the six-month period ended June 30, 2024 for the most recent discussion of the 2025 Objectives.

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SELECTED RESULTS

 For the fiscal years ended December 31 2024  2023 VarianceRevenues$8,665 $8,046  8 %Adjusted EBITDA(1)$1,360 $1,230  11%Adjusted EBITDA margin(2)  15.7  % 15.3 %40 bpsAdjusted EBIT(1)$915 $799  15 %Adjusted EBIT margin(2)  10.6% 9.9%70 bpsEBIT$878 $793  11%EBIT margin(3)  10.1% 9.9%20 bpsNet income (loss) from continuing operations$370 $490 $(120)Net income (loss) from discontinued operations(4)$— $(45)$45 Net income$370 $445 $(75)Diluted EPS from continuing operations (in dollars)$3.40 $4.70 $(1.30)Diluted EPS from discontinued operations (in dollars)(4)$— $(0.46)$0.46  $3.40 $4.24 $(0.84)Adjusted net income(1)$547 $416 $131 Adjusted EPS (in dollars)(2)$5.16 $3.94 $1.22 Cash flows from operating activities(5)$405 $623 $(218)Net additions to PP&E and intangible assets$173 $366 $(193)Free cash flow(1)$232 $257 $(25)    As at December 31 2024  2023 VarianceCash and cash equivalents$1,653 $1,594  4 %Available liquidity(1)$2,082 $1,845  13%Order backlog (in billions of dollars)(6)$14.4 $14.2  1%
(1)Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.(2) Non-GAAP financial ratio. A non-GAAP financial ratio is not a standardized financial measure under the financial reporting framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section entitled Caution regarding non-GAAP and other financial measures of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics and reconciliations to the most comparable IFRS measures.(3)Supplementary financial measure. Refer to the Non-GAAP and other financial measures section of this press release and to the Non-GAAP and other financial measures section in the MD&A for definitions of these metrics.(4)Discontinued operations are related to the sale of the Transportation business. The expenses recorded in discontinued operations for fiscal year 2023 principally relate to change in estimates of a provision for professional fees.(5) Only from continuing operations.(6) Represents order backlog for both manufacturing and Services.

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About Bombardier

At Bombardier (BBD-B.TO), we design, build, modify and maintain the world’s best-performing aircraft for the world’s most discerning people and businesses, governments and militaries. That means not simply exceeding standards, but understanding customers well enough to anticipate their unspoken needs.

For them, we are committed to pioneering the future of aviation – innovating to make flying more reliable, efficient and sustainable. And we are passionate about delivering unrivaled craftsmanship and care, giving our customers greater confidence and the elevated experience they deserve and expect. Because people who shape the world will always need the most productive and responsible ways to move through it.

Bombardier customers operate a fleet of more than 5,100 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service facilities across six countries. Bombardier’s performance-leading jets are proudly manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico. In 2024, Bombardier was honoured with the prestigious “Red Dot: Best of the Best” award for Brands and Communication Design.     

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For Information

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, as well as the company’s plans to cover all its flight operations with a Sustainable Aviation Fuel (SAF) blend utilizing the Book and Claim system visit bombardier.com.

Learn more about Bombardier’s industry-leading products and customer service network at bombardier.com. Follow us on X @Bombardier.

Bombardier is a registered trademark of Bombardier Inc. or its subsidiaries.

Media Contacts
General media contact webform

Francis Richer de La Flèche                                           
Vice President, Financial Planning and Investor Relations
Bombardier
+1 514 240-9649Mark Masluch
Senior Director, Communications
Bombardier
+1 514 855-7167

The Management’s Discussion and Analysis and the Consolidated Financial Statements are available at ir.bombardier.com.

CAUTION REGARDING NON-GAAP AND OTHER FINANCIAL MEASURES

This press release is based on reported earnings in accordance with IFRS and on the following non-GAAP and other financial measures:

Non-GAAP and Other Financial MeasuresNon-GAAP Financial MeasuresAdjusted EBITEBIT excluding certain items which do not reflect the Corporation’s core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation’s results for the period. Such items include restructuring charges (reversals), loss (gain) related to disposal of business, impairment and program termination (reversals), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, and non-commercial legal claims.Adjusted EBITDAAdjusted EBIT plus amortization charges on PP&E and intangible assets.Adjusted net income (loss)Net income (loss) from continuing operations excluding restructuring charges (reversals), loss (gain) related to disposal of business, impairment and program termination (reversals), certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L, accretion on net retirement benefit obligation, losses (gains) on repayment of long-term debt, changes in discount rates of provisions and the related tax impacts of these itemsFree cash flow (usage)Cash flows from operating activities – continuing operations less net additions to PP&E and intangible assets.Available liquidityCash and cash equivalents, plus undrawn amounts under credit facilities.Non-GAAP Financial RatiosAdjusted EPSEPS calculated based on adjusted net income attributable to equity holders of Bombardier Inc., using the treasury stock method, giving effect to the exercise of all dilutive elements.Adjusted EBIT marginAdjusted EBIT, as a percentage of total revenues.Adjusted EBITDA marginAdjusted EBITDA, as a percentage of total revenues.Adjusted net debt to adjusted EBITDA ratioAdjusted net debt divided by adjusted EBITDA.Supplementary Financial MeasureEBIT marginEBIT, as a percentage of total revenues.

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Non-GAAP and other financial measures are measures mainly derived from the consolidated financial statements but are not standardized financial measures under the financial reporting framework used to prepare our financial statements. Therefore, these might not be comparable to similar non-GAAP and other financial measures used by other issuers. The exclusion of certain items from non-GAAP or other financial measures does not imply that these items are necessarily non-recurring.

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(1)Includes severance charges or related reversal, as well as curtailment losses (gains), if any. (2) Includes changes in provisions related to past divestitures.(3) Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. For fiscal year 2023, includes impairment of $85 million related to an aircraft product upgrade, started in 2018 and paused in 2020.

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Free cash flow (usage)
Free cash flow (usage) is defined as cash flows from operating activities – continuing operations less net additions to PP&E and intangible assets. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation’s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. This non-GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow (usage) as a measure to assess both business performance and overall liquidity generation.

Available liquidity
Available liquidity is defined as cash and cash equivalents plus undrawn amounts under credit facilities. Management believes that this non-GAAP financial measure provides investors with an important perspective on the Corporation’s ability to meet expected liquidity requirements, including the support of product development initiatives and to ensure financial flexibility. This measure does not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures presented by other companies.

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(1)  Includes severance charges or related reversal, as well as curtailment losses (gains), if any.(2)Includes changes in provisions related to past divestitures.(3)Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. For fiscal year 2023, includes impairment of $85 million related to an aircraft product upgrade, started in 2018 and paused in 2020.

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Adjusted net debt to adjusted EBITDA ratio
Management uses adjusted net debt to adjusted EBITDA ratio as a useful credit measure for purposes of measuring the Corporation’s ability to service its debt and other long-term obligations. This non-GAAP financial ratio does not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures presented by other companies.

Reconciliation of adjusted EBIT to EBIT and computation of adjusted EBIT margin Fourth quarters ended
December 31 Fiscal years ended
December 31   2024  2023  2024  2023EBIT$      342 $        211 $      878 $793Restructuring charges (reversals)(1)              4                1               3  1Loss (gain) related to disposal of business(2)             —          (19)              —  (81)Impairment and program termination (reversals)(3)              3             82               2  83Non-commercial legal claims             —              —             25  —Pension related items(4)              7               3               7  3Adjusted EBIT$      356 $       278 $       915 $799Total revenues$  3,108 $   3,062 $  8,665 $8,046Adjusted EBIT margin  11.5%   9.1%   10.6  %  9.9%
Reconciliation of adjusted EBITDA to EBIT and computation of adjusted EBITDA margin Fourth quarters ended
December 31 Fiscal years ended
December 31              2024                 
               2023               
             2024              
            2023EBIT$342 $211 $   878 $ 793Amortization 157  180   445  431Restructuring charges (reversals)(1) 4  1  3  1Loss (gain) related to disposal of business(2) —  (19)  —  (81)Impairment and program termination (reversals)(3) 3  82  2  83Non-commercial legal claims —  —  25  —Pension related items(4) 7  3  7  3Adjusted EBITDA$513 $458 $1,360 $1,230Total revenues$3,108 $3,062 $8,665 $8,046Adjusted EBITDA margin16.5%  15.0%   15.7%        15.3%

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(1)  Includes severance charges or related reversal, as well as curtailment losses (gains), if any.(2) Includes changes in provisions related to past divestitures.(3) Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. For fiscal year 2023, includes impairment of $85 million related to an aircraft product upgrade, started in 2018 and paused in 2020. (4) Includes the loss related to the purchase of pension annuities. See Note 22 – Retirement benefits, to the Corporation’s Consolidated financial statements for more information.
Reconciliation of adjusted net income to net income and computation of adjusted EPS Fourth quarters ended December 31

   2024  2023   (per share)  (per share) Net income from continuing operations$124    $        215    Adjustments to EBIT related to:       Restructuring charges (reversals)(1) 4  0.04                 1  0.01 Loss (gain) related to disposal of business(2) —  0.00             (19) (0.19)Impairment and program termination (reversals)(3) 3  0.03    82  0.83 Pension related items(4) 7  0.07  3  0.03 Adjustments to net financing expense related to:       Net loss (gain) on certain financial instruments 165  1.64  (162) (1.65)Accretion on net retirement benefit obligations 8  0.07  6  0.06 Losses on repayment of long-term debt —  0.00  16  0.16 Changes in discount rates of provisions —  0.00  1  0.01 Adjusted net income 311     143   Preferred share dividends, including taxes (8)    (8)  Adjusted net income attributable to equity holders of
Bombardier Inc.$303    $135   Weighted-average adjusted diluted number of common shares (in thousands)  100,548     98,409   Adjusted EPS (in dollars)$3.01    $1.37   

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Reconciliation of adjusted EPS to diluted EPS (in dollars)  Fourth quarters ended December 31
  2024  2023Diluted EPS from continuing operations$1.16 $2.11Impact of adjustment to EBIT related to:   Restructuring charges (reversals)(1) 0.04  0.01Loss (gain) related to disposal of business(2)     0.00  (0.19)Impairment and program termination (reversals)(3) 0.03  0.83Pension related items(4) 0.07  0.03Adjustments to net financing expense related to:   Net loss (gain) on certain financial instruments 1.64  (1.65)Accretion on net retirement benefit obligations 0.07  0.06Losses on repayment of long-term debt                          0.00  0.16Changes in discount rates of provisions                          0.00  0.01Adjusted EPS$3.01 $1.37
(1)Includes severance charges or related reversal, as well as curtailment losses (gains), if any.(2)Includes changes in provisions related to past divestitures.(3)Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. For fiscal year 2023, includes impairment of $85 million related to an aircraft product upgrade, started in 2018 and paused in 2020.(4)Includes the loss related to the purchase of pension annuities. See Note 22 – Retirement benefits, to the Corporation’s Consolidated financial statements for more information.

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Reconciliation of adjusted net income to net income and computation of adjusted EPS Fiscal years ended December 31   2024  2023 (per share)(per share)Net income from continuing operations$       370   $     490  Adjustments to EBIT related to:       Restructuring charges (reversals)(1) 3 0.03     1 0.01Loss (gain) related to disposal of business(2) — 0.00   (81) (0.83)Impairment and program termination (reversals)(3) 2 0.02  83  0.85Non-commercial legal claims 25 0.25  — 0.00Pension related items(4) 7 0.07  3  0.03Adjustments to net financing expense related to:       Net loss (gain) on certain financial instruments (21) (0.21)  (160) (1.64)Accretion on net retirement benefit obligations 34 0.33  25  0.26Losses on repayment of long-term debt 127   1.27  54  0.55Changes in discount rates of provisions — 0.00   1 0.01Adjusted net income  547    416  Preferred share dividends, including taxes (31)    (31)  Adjusted net income attributable to equity holders of
Bombardier Inc.$516   $385  Weighted-average adjusted diluted number of common shares
(in thousands) 99,966    97,721  Adjusted EPS (in dollars)$5.16   $3.94  

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(1)  Includes severance charges or related reversal, as well as curtailment losses (gains), if any. (2) Includes changes in provisions related to past divestitures.(3) Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. For fiscal year 2023, includes impairment of $85 million related to an aircraft product upgrade, started in 2018 and paused in 2020. (4) Includes the loss related to the purchase of pension annuities. See Note 22 – Retirement benefits, to the Corporation’s Consolidated financial statements for more information.
Reconciliation of adjusted EPS to diluted EPS (in dollars) Fiscal years ended December 31

   2024   2023 Diluted EPS from continuing operations$3.40  $4.70   Impact of adjustment to EBIT related to:   Restructuring charges (reversals)(1) 0.03   0.01  Loss (gain) related to disposal of business(2) 0.00   (0.83)Impairment and program termination (reversals)(3) 0.02   0.85 Non-commercial legal claims 0.25   0.00 Pension related items(4) 0.07   0.03 Adjustments to net financing expense related to:   Net loss (gain) on certain financial instruments (0.21)  (1.64)Accretion on net retirement benefit obligations 0.33   0.26 Losses on repayment of long-term debt 1.27   0.55 Changes in discount rates of provisions 0.00    0.01 Adjusted EPS$5.16  $3.94 

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Reconciliation of free cash flow (usage) to cash flows from operating activities Fourth quarters ended December 31

  Fiscal years ended December 31
   2024   2023   2024   2023  Cash flows from operating activities – continuing operations$860  $740  $405  $623 Net additions to PP&E and intangible assets (46)  (94)  (173)  (366)Free cash flow $814  $646  $232  $257 

Reconciliation of available liquidity to cash and cash equivalentsAs atDecember 31, 2024 December 31, 2023Cash and cash equivalents$1,653 $1,594Undrawn amounts under available revolving credit facility(5) 429  251Available liquidity$2,082 $1,845
(1)  Includes severance charges or related reversal, as well as curtailment losses (gains), if any. (2) Includes changes in provisions related to past divestitures.(3) Includes impairment or reversal of impairment of PP&E and intangible assets, as well as provisions related to program termination or their related reversal, if any. For fiscal year 2023, includes impairment of $85 million related to an aircraft product upgrade, started in 2018 and paused in 2020.  (4) Includes the loss related to the purchase of pension annuities. See Note 22 – Retirement benefits, to the Corporation’s Consolidated financial statements for more information. (5) A committed secured revolving credit facility of $450 million is available for cash drawings for the ongoing working capital needs of the Corporation and for issuance of performance letters of credit. This facility was undrawn as at December 31, 2024 and the availability as at such date was $429 million based on the collateral, which may vary from time to time.

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Reconciliation of adjusted net debt to long-term debt and computation of adjusted net debt to adjusted EBITDA ratio Fiscal years ended December 31   2024  2023Long-term debt$5,545 $5,607Less: Cash and cash equivalents 1,653  1,594Adjusted net debt$3,892 $4,013Adjusted EBITDA$1,360 $1,230Adjusted net debt to adjusted EBITDA ratio 2.9  3.3

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements, which may involve, but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, financial performance, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of our industry; customer value; expected demand for products and services; growth strategies including, potential revenues and year-over-year growth generated therefrom; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry-into-service of products and services, orders, deliveries, testing, lead times, certifications and execution of orders in general; competitive position; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, credit ratings, available liquidities and capital resources, expected financial requirements, capital allocation and deployment of excess liquidity and ongoing review of strategic and financial alternatives; the introduction and anticipated results of productivity enhancements and profitability initiatives, operational efficiencies optimizing the use of our manufacturing and services facilities, cost reduction and potential future restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the ability to continue business growth and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; expectations regarding the availability of government assistance programs; the impact of new, or exacerbation of existing global health, geopolitical or military events, or international trade disputes or renegotiation of existing trade arrangements, on the foregoing and the effectiveness of our plans and measures in response thereto; and expectations regarding the strength of markets, economic downturns or recession, and inflationary and supply chain pressures.

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In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “shall”, “can”, “expect”, “estimate”, “intend”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “maintain” or “align”, the negative of these terms, variations of them or similar terminology. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, guidance, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

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Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward-looking statements. The forward-looking statements set forth herein reflect management’s expectations as at the date of this report and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.


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