Bombardier reported Thursday that its third-quarter revenues came in at $1.9 billion, representing a 28 percent increase compared to the same period last year. The business jet manufacturer attributed the gains to higher deliveries and continued momentum in aftermarket business.
Crediting benefits from the expansion of its service center footprint in 2022, Bombardier noted that its aftermarket business saw an 11 percent year-over-year growth in Q3. The segment accounted for $414 million in revenues for the quarter. The company plans to focus on increasing its share of the aftermarket business going forward.
“Bombardier’s third-quarter results are nothing short of impressive, whether you look at margins, cash generation, overall revenues, order activity, and more,” said Bombardier president and CEO Éric Martel. “When we reshaped Bombardier, we set out to build a resilient business that performs in any marketplace. Today, our results demonstrate we are there.”
Overall, Montreal-headquartered Bombardier shipped 31 aircraft in Q3 2023 compared to 25 aircraft delivered in Q3 2022. The company has logged a total of 82 aircraft deliveries so far this year, including the recent handoff of its 150th Global 7500 business jet. Bombardier reported a backlog of $14.7 billion at the end of the third quarter.
Martel also pointed out that Bombardier is on track to meet its 2023 delivery targets and well positioned to increase output in the future.