- Despite better-than-expected revenue, Bombardier profit declined in Q4 2023, but it is targeting more aircraft and more revenue in 2024
- The Canadian business jet manufacturer’s revenue rose 15.3 per cent to C$3.06 billion in Q4 2023 and its total revenues for the year were C$8 billion, a 16 per cent increase compared to 2022
- However, Bombardier’s net income declined to C$215 million, down from Q4 2022’s C$241 million
- Bombardier stock last traded at C$52.33 per share
Despite better-than-expected revenue, Bombardier (TSX:BBD.B) profit declined in Q4 2023, but it is targeting more aircraft and more revenue in 2024.
The Canadian business jet manufacturer’s revenue rose 15.3 per cent to C$3.06 billion in Q4 2023 and its total revenues for the year were C$8 billion, a 16 per cent increase compared to 2022. Free cash flow from continuing operations rose to C$646 million from $169 million a year earlier.
The company expects full-year 2024 revenue of C$8.4 billion to C$8.6 billion, compared with analysts’ expectations of C$8.27 billion.
However, Bombardier’s net income declined to C$215 million, or $2.11 a share, down from Q4 2022’s C$241 million.
Aircraft deliveries in 2024 are expected to be between 150 and 155 jets, compared with 138 jets delivered in 2023. Free cash flow is expected to be C$100 million to C$400 million after last year’s C$257 million.
“Our global aircraft broke many speed records in 2023, but those were not the only records we set last year. Our team came together to deliver the highest revenues and earnings, record aftermarket revenue, and the highest deliveries since we refocused our business in 2021. Our stellar top- and bottom-line performance included the lowest leverage ratio in years,” Bombardier’s president and chief executive officer, Éric Martel, said in a news release. “I could not be prouder of our passionate and engaged teams around the world. All of us united to go above and beyond to make sure we kept – and often exceeded – our promises. Today, we are marching ahead with confidence: our 2024 guidance reflects the path of continuous growth we have been on for the past three years, and our steadfast commitment to achieving our long-term objectives.”
Based in Montreal, Bombardier designs, manufactures and services business jets. The company has a global fleet of approximately 5,000 aircraft in service across multinational corporations, charter and fractional ownership providers, governments and private individuals. Bombardier aircraft are also deployed in defense roles across the globe.
Bombardier stock last traded at C$52.33 per share. The stock is down by 23.46 per cent since last year but has gained 2,429.61 per cent since 2019.
Join the discussion: Find out what everybody’s saying about this Canadian aviation stock on the Bombardier Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.