MONTREAL – Bombardier Inc., the parent company of aircraft manufacturer Bombardier Aerospace, reported a $259 million net loss for the fourth quarter of 2016, narrowing by 61.7% year-over-year. For the full year, it reported a $981 million net loss, a figure that shrank 81.6% YOY. However both figures, while poor in absolute terms, bettered the guidance that Bombardier had presented to investors over the past year.

Bombardier generated these full year results on a base of $16.3 billion, down 10.1% YOY mainly driven by declines in revenue at Bombardier Transportation (BT) and Bombardier Business Aircraft (BBA). Honing in on results at BBA, revenue for the full year dropped 17.9% YOY to $5.74 billion on a similarly sized decline in orders. Net orders jumped sharply YOY by 138 frames in absolute terms (to 114 jets) with gross orders topping 150 planes. These figures yielded a book to bill ratio of 0.7 and the earnings before interest and taxes (EBIT) swung from a net loss of $1.25 billion to a net profit of $477 million. EBIT before special items was slightly smaller ($369 million) and only up 19.8% YOY. Still, EBIT margin before special items was a healthy 6.4%.

Switching to Bombardier Commercial Aircraft (BCA), revenue grew 9.3% YOY to $2.6 billion on delivery growth of 13.2%. Net orders jumped sharply to 161 frames thanks to purchases of the CSeries by Air Canada and Delta , pushing Bombardier to a very healthy book to bill ratio of 1.9. Absolute EBIT improved sharply year over year to a $903 million net loss versus $3.97 billion a year prior. However EBIT excluding special items worsened YOY to a $417 million net loss from $170 million a year prior for a negative EBIT margin excluding special items of -15.9%.

Airways Senior Business Analyst Vinay Bhaskara will live-blog Bombardier’s Q4 and full year earnings call. You can re-read his live blog below via the ReplyAll tool.

Note: Vinay will only be commenting on Bombardier Aerospace details from the call as Bombardier Transportation is outside the jurisdiction of Airways