Bombardier’s Q1 profit soars due to high demand for business jets.
Canada’s Bombardier Inc Reports Profit and Higher Revenue
MONTREAL (Reuters) – Canada’s Bombardier Inc has announced its second-quarter results, revealing a profit of $10 million from continuing operations, compared to a loss of $109 million in the same period last year. The Montreal-headquartered business jet maker experienced increased revenue and demand for pricier business jets, despite facing supply chain pressures.
Corporate jet makers have been benefiting from strong demand for private flying among the wealthy in recent quarters. However, they are currently facing supply chain challenges that make it more difficult to deliver planes.
Last month, Gulfstream jet maker Textron Inc raised its full-year profit forecast due to strong jet pricing.
While demand for business jets has been robust, there are early signs that it may be flattening. Bombardier reported that its backlog at the end of June increased by just 0.7% to $14.9 billion compared to the end of March.
Quarterly revenue rose by 8% to $1.68 billion, driven by the delivery of 29 jets. Adjusted profit per share was 72 cents, a significant improvement from a loss of 48 cents per share in the previous year.
Analysts polled by Refinitiv had expected a profit of 28 cents per share and revenue of $1.68 billion. It is unclear if the figures are directly comparable.
Bombardier reported a cash burn of $222 million, in contrast to a free cash flow of $341 million in the previous year. This was primarily due to capital expenditures and a buildup in working capital to support higher jet deliveries in the second half of 2023.
(Reporting By Allison Lampert in Montreal and Abhijith Ganapavaram in Bengaluru; Editing by Saumyadeb Chakrabarty)
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