Globe and Mail
Globe says Bombardier surges on preliminary Q4 results
2023-01-18 07:48 ET - In the News
The Globe and Mail reports in its Wednesday edition that Canadian luxury jet maker Bombardier released preliminary results for its fourth quarter that top its own forecasts as it pushes on with a turnaround effort now in its fourth year. The Globe's Nicolas Van Praet writes that Bombardier shares surged 9 per cent in afternoon trading on the Toronto Stock Exchange, to $62.29. They gained 24.5 per cent in 2022, defying the Toronto Stock Exchange's overall 8.7-per-cent decline. Bombardier said Tuesday it delivered 123 planes to customers in 2022, in line with the minimum of 120 it had signalled to investors. Its backlog of orders stood at $14.8-billion (U.S.) at the end of December, a rate analysts believe equates to more than two years of production. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) came in at $930-million (U.S.), besting the $825-million (U.S.) guidance the company provided in August. Revenue was $6.9-billion (U.S.), better than the $6.5-billion (U.S.) projected, while the $735-million (U.S.) in free cash flow was also higher than the $515-million (U.S.) forecast. Bombardier also announced debt refinancing moves on Tuesday, prompting the early release of earnings results.