Bombardier delivers 31 jets in third quarter
Bombardier made 31 aircraft deliveries in third quarter of 2023, up six compared with the same period last year. Of this, 16 were Challenger jets whereas the remaining 15 were large jets from its Global series.
So far, during the calendar year, the company has made 82 aircraft deliveries. The manufacturer also achieved the milestone of delivering 150th Global 7500 aircraft. Bombardier’s aircraft deliveries follow a seasonal pattern with the fourth quarter witnessing much higher volume relative to the remainder of year.
According to Bombardier’s 2023 guidance, it is planning to deliver 138 jets during 2023 (leaving a target of 56 jets for the fourth quarter). The company is confident of achieving its full-year target. “Overall, the company is on track to reach its guidance on deliveries for the year,” the company said in its earnings release.
Strong aircraft demand helped the company post a revenue of $1.8bn, up 28% year-over-year from $1.4bn achieved same period last year. It also saw higher aftermarket services demand as revenues for that segment clocked in at $414m compared with $372m in the same quarter last year.
Order backlog remained flat at $14.7bn – in line with the $14.8bn average during the past four quarters. “The backlog remains strong at $14.7bn, and the continued healthy demand resulted in a unit book-to-bill of 1.1 for the quarter,” it added.
Despite higher revenue, Bombardier booked a net loss of $37m primarily on account of higher financing expenses. (This was mainly due to a non-cash change in fair value of financial instruments related to call options on long-term debt: $127m).
The company’s adjusted net income (excluding impact of financial instruments) clocked in at a strong $80m against adjusted net loss of $2m in the same period last year.