2023-08-03 10:37:13
Bombardier was able to maintain the pace of deliveries despite supply difficulties, which helped the Quebec aircraft manufacturer to increase its revenues and earn an adjusted profit in the second quarter.
Posted at 6:37
The private jet manufacturer handed over 29 aircraft to customers during the three-month period ending June 30, up one from the same period last year. The multinational also saw its revenue from after-sales services – maintenance – jump by 19%.
“Bombardier had a very solid second quarter,” commented its President and Chief Executive Officer, Éric Martel. Our team was able to draw from a very dynamic business context […] despite continued tension in the supply chain. »
Overall, the company posted revenues of US$1.7 billion, up 8%. It reduced its net loss to $35 million, or 44 cents, from $129 million, or $1.43 per share, a year ago. Excluding one-time items, adjusted profit was $80 million, or 72 cents per share.
A sign that demand for business aircraft is holding up despite the current economic context, the ratio of new orders to deliveries stood at 1.1 in the second quarter. This reflects a balance between orders and deliveries.
The aircraft manufacturer, however, drew 222 million US from its reserves during the months of April, May and June, which caused its available liquidities to decline to 1.2 billion US. This result can be explained in particular by a non-recurring payment of 104 million US dollars to cover the residual value of commercial aircraft sold in the past.
Analysts polled by Refinitiv had expected revenue of $1.7 billion on adjusted earnings of 28 cents per share.
As of June 30, the value of Bombardier’s order book reached US$15 billion, up slightly from its level of December 31.
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138 Number of private jets Bombardier is expected to deliver this year.
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