庞巴迪暗示将出售更多航空物业，提醒投资者注意

庞巴迪会彻底瓦解还是将其公务航空业务全部出售？突然间，这家加拿大飞机制造商（正在退出商用航空领域）听起来好像是它可能做更多的努力来避免失败。

Will Bombardier break up completely or sell off its business aviation business altogether? Suddenly, the Canadian aircraft manufacturer—already in the process of exiting the commercial aviation sector—sounds like it might do a lot more to stave off going under.

这家被称为空客加拿大有限合伙企业（ACLP）的蒙特利尔公司1月16日在北美股市开盘前发布了一份令人意外的公告，称正在“重新评估未来对空客A220合伙企业的参与程度”，并希望大幅降低其90亿美元的债务水平。庞巴迪还透露，2019年飞机交付量略有下降，并警告投资者其财务业绩将低于预期。

In a surprise announcement Jan. 16 before stock markets opened in North America, the Montreal company revealed it was “reassessing future participation” in the Airbus A220 partnership, known as the Airbus Canada Limited Partnership (ACLP), and was looking to significantly lower its debt level, which stands at $9 billion. Bombardier also revealed slightly weaker aircraft deliveries in 2019 and warned investors its financial results will fall short of expectations.

但是，金融分析师对债务去杠杆化的评论表示赞同，并指出庞巴迪的强硬措辞表明其有紧迫感。庞巴迪首席执行官兼总裁阿兰·贝莱马雷（Alain Bellemare）表示：“我们正在积极寻求使我们能够加快债务偿还速度的替代方案。”“目标是通过更大的运营和财务灵活性使公司获得长期成功。”

But financial analysts homed in on the debt deleveraging comments and noted strong language from Bombardier that indicated a sense of urgency. “We are actively pursuing alternatives that would allow us to accelerate our debt paydown,” said Bombardier CEO and President Alain Bellemare. “The objective is to position the business for long-term success with greater operating and financial flexibility.”

几位分析师认为，这意味着庞巴迪不会仅仅发行更多的股票或公司债务来支撑其资产负债表。几小时内，他们提醒投资者客户关注庞巴迪的一个重要动向，庞巴迪在最近的商业航空项目剥离后，已经成为一家拥有一个大型商务航空部门但主要与铁路相关的公司。

Several analysts surmised that meant Bombardier would not simply issue more stock or corporate debt to shore up its balance sheet. Within hours, they were alerting investor clients to watch for a monumental event at Bombardier, which was already set to become a mostly rail-related company with a significant business aviation division after recent commercial aviation program divestitures.

加拿大国家银行（National Bank of Canada）金融市场分析师卡梅伦·多克森（Cameron Doerken）领导的一个团队表示：“我们推测，该公司可能正在寻找战略替代方案，其中可能包括出售其剩余两个部门中的一个。”“如果真是这样，我们认为最可能被出售的将是其航空业务。”

 “We speculate that that company may be looking at strategic alternatives that could include the sale of one of its two remaining divisions,” said a team led by National Bank of Canada Financial Markets analyst Cameron Doerksen. “If that is the case, the most obvious candidate in our view would be its Aviation business.”

2月13日庞巴迪按计划公布第四季度及2019年全年财报时，利益相关者可能会了解到更多信息。公司已经预期实际财务结果会比先前的指导结果要低，这主要是因为解决“挑战性”铁路项目的成本较高，以及铁路运输部门的里程碑付款和新订单的时间安排。最后，有四架Global 7500飞机的交付被延迟到本季度。

Stakeholders could learn more Feb. 13 when Bombardier is scheduled to release its fourth-quarter and full 2019 financial results. The company already expects lower than previously guided results mainly due to higher costs to resolve “challenging” rail projects, as well as the timing of milestone payments and new orders at the rail-oriented transportation division. Finally, there was slippage in delivery of four Global 7500 aircraft into this quarter.

这条消息是Michael Bruno在Aviation Week & Space Technology发表文章的摘要。欲了解有关庞巴迪2019年的表现和飞机交付的更多信息，请阅读全文。订阅者可以在此处访问完整的文章 (英文）。