TD: Ssupport a strong share price reaction Bombardier reported Q2/24 Adjusted EBITDA of $335 million vs. our forecast of $276 million and consensus of $294 million. We believe results support a strong share price reaction due to the clear beat on key metrics and the implications for progress on smoothing the historical quarterly seasonality in deliveries and cash flow.
Impact: POSITIVE
Full year 2024 guidance was unchanged, the b:b ratio of 1.0x was encouraging when considering the unexpected strength of deliveries, and FCF usage was lower-than-forecast. 34% delivery growth is impressive given supply chain challenges and considering results from competitors. The Q2 results point to a more balanced delivery, earnings, and cash flow profile over the course of the full year, a result that we believe should be positively received by the market