BBD Delivers Fourth Consecutive Quarterly Positive Free Cash Bombardier Reports First Quarter 2022 Results,Grows Backlog by $1.3 Billion,Meaningfully Expands Profit Margins, and Delivers Fourth Consecutive Quarterly Positive Free Cash Flow in Continued Progress Towards Long-term Objectives
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Revenues of $1.2 billion reflect strong aftermarket performance and 21 aircraft deliveries, well on track towards full year guidance of more than 120 deliveries.
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Adjusted EBITDA(1) rose to $167 million, a 36% year-over-year improvement fueled by Global 7500 margin expansion, execution of cost reduction plan and higher contributions from aftermarket. First quarter reported EBIT from continuing operations was $85 million.
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Strong free cash flow(1) generation of $173 million from continuing operations represents an improvement of $578 million year-over-year and tracks ahead of plan, driven by strong order intake, reduction in interest paid and earnings growth. Adjusted liquidity(1) stands strong at $1.8 billion. Reported cash flows from operating activities for the quarter was $217 million and net additions to PP&E and intangible assets for the quarter were $44 million. Cash and cash equivalents as at March 31, 2022 were $1.4 billion.
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First quarter unit book-to-bill(2) of 2.5 and backlog rose by $1.3 billion to $13.5 billion since the beginning of 2022, a reflection of continued strong order intake.
All amounts in this press release are in U.S. dollars, unless otherwise indicated.
Amounts in tables are in millions, unless otherwise indicated.
MONTRAL, May 05, 2022 (GLOBE NEWSWIRE) -- Bombardier (TSX: BBD.B) announced today solid financial results for the first quarter of 2022, marked by a strong aftermarket performance, robust free cash flow generation and a growing backlog.
“We took off quickly this year, bolstered by the positive performance from last year and sustained favourable market conditions,” said ric Martel, President and Chief Executive Officer. “Thanks to continued strong deliveries and order intake, as well as great performance of our aftermarket services, we continue to accelerate our momentum on the path towards our long-term objectives.”
First Quarter 2022 Financial Performance
With its strong portfolio of world-leading jets and an expanding service network, Bombardier is uniquely positioned to capitalize on the demand for both new jets and services. This strength supported consolidated cash generation of $173 million for the first quarter of 2022, which represents a $578 million improvement compared to the same quarter last year. “I am particularly pleased with the continued robust free cash flow generation we achieved in this quarter. This is a testament to the concerted efforts of our sales team that worked diligently to make the most of vigorous demand, and secured a very strong order intake,” Martel said. “While we are clearly tracking well to our free cash flow guidance for 2022, we are opting to take a few months to measure the impact of the current global geopolitical and market contexts to carefully assess the true size of any potential upside.”
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