Bombardier Reports Third-Quarter Revenue Growth
(Reuters) – Bombardier (OTC: BDRBF) announced that its third-quarter revenue increased by 12%, driven by robust demand for business jet parts and repairs.
Business Jet Demand
Business jet manufacturers are seeing an increase in order backlogs, fueled by sustained interest from affluent travelers that began during the COVID-19 pandemic.
Impact of Strike
Despite facing an 18-day strike in July at one of its Canadian facilities, Bombardier successfully delivered 30 jets in the third quarter, slightly down from 31 aircraft in the same quarter last year.
Financials
The company reported cash burn of $127 million for the quarter—an important indicator for investors—contrast to a positive cash flow of $80 million during the same period last year.
Bombardier has maintained its full-year forecast for jet deliveries, targeting between 150 and 155 aircraft.
In addition, the revenue from its services business saw a significant rise of 28%, totaling $528 million in the third quarter.
Overall, Bombardier reported quarterly revenue of $2.07 billion, up from $1.86 billion a year earlier.
On an adjusted basis, earnings were reported at 74 cents per share, slightly ahead of last year’s 73 cents per share for the same period.
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