Bombardier backlog hits high of $14.6bn
Bombardier’s backlog reached $14.6bn last year, up $2.6bn from 2021.
The Canadian OEM said the “healthy backlog” alongside its 1.4 full-year book-to-bill ratio reflect “continued favourable medium and long-term” market conditions.
Its revenue increased 14% year-over-year (YoY) to $6.9bn in full-year results for 2022 and is projecting revenue of $7.6bn this year.
It delivered 123 jets in 2022, 45 of which were delivered in the fourth quarter (Q4) and is expecting to deliver a further 138 this year.
Bombardier attributed its revenue growth to “higher deliveries, a favourable aircraft mix” and its aftermarket services. These reached a new full-year revenue peak of $1.5bn, up 22% YoY.
The company also reported $735m in free cash flow, but is expecting it to drop down to a third of this figure ($250m) in the coming year. The firm used cash from the balance sheet and operations to help clear $1.1bn of debt.
In terms of profit, Bombardier’s EBITDA was up 45% from last year to $930m. This was driven by increased Global 7500 earnings, cost structure improvements and higher aftermarket contribution.
The results are “a resoundingly positive culmination of a strong year and a testament to the team’s effort to execute in the fourth quarter”, according to Éric Martel, president and CEO, Bombardier. “We exceeded commitments across the board, be it on deliveries, our growing aftermarket business and profitability,” he said. “This puts us ahead of our plan and gives us the flexibility to be even more proactive and opportunistic going forward.”
Bombardier results – at a glance
Free cash flow