UPDATE 2-Bombardier profit slumps on charge, delays Lear 85 launch

* Says CSeries' first flight will take place by end of June

* Learjet 85 launch pushed to summer 2014

* 2013 EBIT margins expected to be similar to 2012

* Fourth-quarter adj EPS $0.10 vs $0.13 year earlier

* Shares tumble 7 percent

Feb 21 (Reuters) - Bombardier Inc reported a 93 percent drop in quarterly profit on Thursday after taking a restructuring charge and said it was delaying the launch of its Learjet 85 business aircraft to the summer of 2014, sending its shares down 7 percent.

The Montreal-based plane and train maker also issued an outlook that at least one analyst found disappointing. It said earnings before financing expense, financing income and income taxes (EBIT) margins - a closely watched profitability measure - are expected to be little changed in 2013 at about 5 percent. It sees its profit margin in 2014 at about 6 percent.

"Although weak margins in both segments in Q4 are clearly going to be disappointing to the market, we think that the more important driver for the stock today will be the soft margin guidance for 2013," said Cameron Doerksen, an analyst at National Bank Financial.

Even so, Bombardier's total order backlog rose to $66.6 billion at the end of 2012, from $55.8 billion at the end of 2011. In its aerospace division, the company said it plans to deliver about 190 business and 55 commercial planes.

"Looking out into full-year 2013, Bombardier remains well positioned to fund both operations and ongoing development programs," said Walter Spracklin, an analyst with RBC Dominion Securities.

LAUNCH DELAY

The entry-into-service delay for the new Learjet, which was originally targeted for the end of this year, appeared to be expected. Bombardier said technology issues had impacted the timeline.

The company also said the first flight of its C-Series jetliner, its ticket into the larger commercial jet market, would take place by the end of June.

Bombardier said in November the first flight had been delayed by six months, to June, because of unspecified supplier delays.

Bombardier competes with Brazil's Embraer in the smaller passenger aircraft business and is seeking to capture some of the larger plane market, dominated by Airbus and Boeing Co, with its 100-149 seat C-series plane.

Bombardier said on Wednesday it won an order to sell up to 42 of the C-series jetliners to Russian aircraft leasing company Ilyushin Finance Co in a deal that could be worth as much as $3.42 billion.

The company said it expects revenue to be higher this year than the $16.8 billion it reported for 2012. Percentage growth is expected to be in high single digits. Although Montreal-based, the company reports results in U.S. dollars.

Net profit in the fourth quarter fell to $14 million, from $214 million a year earlier.

Bombardier took a restructuring charge of $119 million in the quarter related to job cuts in its rail unit and the closure of a freight car plant in Aachen, Germany.

On an adjusted basis, net income fell to $188 million, or 10 cents per share, from $227 million, or 13 cents per share, a year earlier.

Revenue rose 12 percent to $4.8 billion.

Revenue at Bombardier's aerospace unit, which makes business, commercial and amphibious craft, rose 30 percent to $2.6 billion a year earlier. Revenue in the transportation unit, which makes trains, fell 4 percent to $2.2 billion.

Free cash flow rose 44 percent to $850 million.

Bombardier stock fell as much as 7.71 percent to C$3.95 shortly after the open.