Bombardier said its second-quarter results included a swing to profitability in its continuing operations, reflecting demand for new and pre-owned jets, and steady growth of its service operations.
For the recent quarter, the company posted a net loss of $35 million compared with a loss of $129 million a year earlier. Revenue for the quarter rose 8 percent to $1.68 billion from $1.56 billion in 2022.
Based on continuing operations, Bombardier posted net income of $10 million, or 3 cents per share. On an adjusted basis, excluding losses from discontinued operations and other special items, income totaled $80 million, or 72 cents per share, compared with a loss of $38 million, or 48 cents per share, the company said.
The manufacturer of Challenger and Global series business jets said its backlog reached $14.9 billion by the end of the second quarter and a credit rating upgrade from S&P Global Ratings in May “further underscores Bombardier’s successful financial discipline, performance, and proactive debt management.”
“Bombardier delivered a very strong second quarter. Our team successfully navigated a highly dynamic business environment that saw sustained demand for new and pre-owned jets, as well as steady service growth, all while supply chain pressure persisted,” said Éric Martel, Bombardier’s president and CEO. “Thanks to our team’s tremendous work, we boosted our revenues this quarter by 8 percent year over year, driven in part by an exceptional 19 percent year-over-year aftermarket revenue increase.”
The company delivered 29 aircraft during the quarter, one more than during last year’s second quarter, and said it is on course to meet full-year guidance of more than 138 deliveries. Bombardier said its aftermarket business generated $428 million in revenue, a year-to-year increase of 19 percent.