Bombardier Delivers More Aircraft, Reports Growing Backlog in Second Quarter

The company said profit increased when adjusted to exclude discontinued operations and other special items.

Jonathan Welsh

Thursday, August 03, 2023 at 03:51 PM ET

Verified

Bombardier said it is on course to deliver more than 138 aircraft this year. [Courtesy: Bombardier]

Key Takeaways:

Bombardier achieved profitability in its continuing operations in Q2, reporting $10 million in net income and an adjusted income of $80 million, driven by strong demand for new and pre-owned jets and service growth.
The company's Q2 revenue rose 8% to $1.68 billion, significantly boosted by a 19% year-over-year increase in aftermarket services revenue.
Bombardier's backlog reached $14.9 billion by the end of the second quarter, and a recent credit rating upgrade underscored its successful financial discipline.
The manufacturer delivered 29 aircraft during the quarter and is on course to meet its full-year delivery guidance of more than 138 aircraft.

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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.