2023-11-02 10:37:32
Bombardier delivered more private jets in the third quarter, but must step on the accelerator by the end of the year to reach its target of at least 138 aircraft. The rate should even increase in 2024, suggests the Quebec aircraft manufacturer.
Posted at 6:37 a.m.
The multinational exceeded analysts’ expectations during the months of July, August and September, where it was also able to secure enough orders to maintain its backlog at the level of recent quarters.
Despite a net loss of US$37 million, or US$47 cents per share, Bombardier saw its revenues grow by 28%, to US$1.9 billion. The company handed over 31 Challenger and Global family aircraft to customers, six more than the same period a year ago. It will be necessary to deliver 56 business jets in the fourth quarter to reach its objective.
“We are on track to achieve our objectives for 2023 and to further increase our number of deliveries in the future,” underlined Bombardier President and CEO Éric Martel in a press release, without offering a target. .
The aircraft manufacturer posted a ratio of new orders to deliveries of 1.1. This allowed its order book to remain relatively stable, at around US$15 billion.
Excluding one-time items, Bombardier posted an adjusted profit of US80 million, or 73 US cents per share. This quarterly performance exceeded the expectations of analysts surveyed by the data firm Refinitiv, who anticipated a turnover of 1.8 billion US dollars as well as an adjusted earnings per share of 46 US cents.
“When we reshaped Bombardier, we wanted to build a resilient company that generated good results in the markets,” said Mr. Martel. Today, our results show that we have succeeded. »
Despite fears of recession, business aviation, a sector generally vulnerable to the vagaries of the economy, seems to be staying the course. In October, the level of activity was slightly higher than that observed in 2022 and 17% higher compared to the pre-pandemic level.
1698933372
#Bombardier #quarter #Demand #continues #results #exceed #expectations