- Bombardier’s (TSX:BBD) Q2 2023 revenue soared amid ongoing demand for business jets as deliveries and aftermarket services
- The Montréal-based plane maker reported a jump in revenue for Q2 to US$1.7 billion, up 8 per cent year-over-year
- Q2 2023 profit was US$10 million from continuing operations, compared with a loss of US$109 million
- Bombardier closed trading at C$61.94 per share
Bombardier’s (TSX:BBD) Q2 2023 revenue jumped amid ongoing demand for business jets as deliveries and aftermarket services.
The Montréal-based plane maker reported a rise in revenue for Q2 to US$1.7 billion, up 8 per cent year-over-year, reflecting 29 deliveries and 19 per cent year-over-year aftermarket revenue increase to US$428 million.
The number of deliveries allowed the company to keep a “line of sight” toward reaching its 2023 forecast of at least 138 jet deliveries by the end of the year. However, the company endured a net loss of US$35 million because of “professional fees” related to the sale of Bombardier’s rail business in January 2021.
Q2 2023 profit was US$10 million from continuing operations, compared with a loss of US$109 million in Q2 2022. Positive adjusted net income reached US$80 million in Q2 2023, compared with a loss of US$38 million in the same quarter last year.
The company’s president and chief executive officer, Éric Martel, praised the team in a news release, saying it successfully navigated a highly dynamic business environment that saw sustained demand for new and pre-owned jets, as well as steady service growth, all while dealing with supply chain pressure.
“We continue to progress on our positive trajectory by delivering remarkable growth in profitability, propelled by a strong adjusted EBITDA increase and margin expansion, as well as a positive adjusted net income and earnings per share. Thanks to our team’s tremendous work, we boosted our revenues this quarter, driven in part by an exceptional 19 per cent year-over-year aftermarket revenue increase.”
Bombardier provides business jet design, manufacturing, and services.
Bombardier closed trading at C$61.94 per share. BBD stock is up 13.19 per cent since the year began and is 124.09 per cent higher than it was this time last year.
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