Business Aviation News

Bombardier’s Q1 Revenues Up 17%

Bombardier’s Q1 Revenues Up 17%

Bombardier, while making progress to reduce its debt, reported revenues of USD$1.5 billion in the first quarter of 2023, which is up by 17% year-over-year.

The increase in revenue is attributed to an improved delivery mix and continued strong aftermarket revenues of USD$424 million. Bombardier’s backlog stays at $14.8 billion, reflecting a steady demand profile and a unit book-to-bill of 0.9.

“Bombardier has delivered a very strong first quarter,” said Éric Martel, President and Chief Executive Officer, Bombardier. “Our robust performance adds to our extremely positive track record from the past two years and confirms we are on the right trajectory.”

However, the Canadian company reported negative free cash flow usage at $247 million. Higher working capital needed to deliver jets and money spent on a new facility at Toronto Pearson International Airport have all contributed to the negative free cash usage.

Bombardier also said it will ramp up production and deliver more than 138 aircraft this year.

Business jet manufacturers are planning to deliver more aircraft this year, despite concerns over a cooling market and supply chain snarls following a surge in demand to fly private during the COVID-19 pandemic.

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