RE:RE:Q1 - some good, some badThe .36 EPS he mentioned is the adjusted figure, so one-time events are not included.
The reason adjusted EPS was so much less than Q1 last year was because of (a) much higher proportion of Challenger deliveries than Globals, compared to last year's higher proportion of Globals to Challengers, and (b) the 2 less deliveries than last year, which will even out in later quarters.
Tempo1 wrote: The lower EPS are a non event. Last year they are boosted by a net gain of financial instruments, a one time event. They are not related with the normal operations, it's an extraordinary gain that will not come again. Fine for last year, but you can't add them in the comparaison.
Then the FCF, Yes the 12 more orders bring more cash deposits and that, with the help of the manufacturing cash flow, helps to conterbalance (finance) the 620 M$ more in inventories. They need to build-up the jet ''in-progress'' to delivers them completed at year end. That is the reason the FCF usage is limited to 387 M$ instead of having been at -630 M$.
Saying Again : strong results