Bombardier, the Canadian business-jet manufacturer, announced its financial results for the third quarter. While the company experienced a loss during this period, its revenue surpassed analysts’ expectations. The strong performance was mainly driven by the aftermarket business and an increase in deliveries.
During the third quarter, Bombardier reported a loss of $37 million, or 47 cents per share. This is in comparison to a profit of $27 million, or 20 cents per share, during the same quarter last year. However, when considering adjusted earnings, the company achieved 73 cents per share, surpassing expectations of a rise to 46 cents per share.
Bombardier’s revenue for the quarter rose to $1.86 billion from $1.46 billion. Analysts had predicted a rise to $1.73 billion, making the actual revenue figure even more impressive. The company attributes this 28% year-over-year increase to higher aircraft sales and deliveries. Additionally, its aftermarket business generated 11% higher revenue during the quarter, amounting to $414 million.
In terms of deliveries, Bombardier achieved 31 aircraft during the period, which is six more compared to the same quarter last year. This brings the total number of deliveries for the year to date to 82. The company remains on track to meet its delivery guidance for the year.
Bombardier reported a backlog of $14.7 billion at the end of the quarter. This indicates a strong demand for its products and paints a positive outlook for future performance.
In conclusion, despite recording a loss in the third quarter, Bombardier’s strong revenue performance exceeded analysts’ expectations. The company’s success can be attributed to higher aircraft sales and deliveries, as well as continued momentum in its aftermarket business. Bombardier remains focused on meeting its delivery targets and maintaining a healthy backlog.