Bombardier has reported solid financial results for the third quarter 2023, reflecting continued progress towards reaching its 2023 targets on all guided metrics.
“Bombardier's third quarter results are nothing short of impressive, whether you look at margins, cash generation, overall revenues, order activity and more,” says president and CEO Éric Martel. “When we reshaped Bombardier, we set out to build a resilient business that performs in any marketplace. Today, our results demonstrate we are there. Quarter after quarter, Bombardier has delivered convincing results, and we are well on our way to meet 2023 deliveries target and further increase delivery output in the future.”
Bombardier reported a revenue of $1.9 billion in the third quarter 2023, an impressive 28 per cent year-over-year increase, fuelled primarily by strong aircraft sales and aftermarket growth. The company delivered 31 aircraft in the third quarter 2023, up six aircraft compared to the same quarter last year, bringing it to a total of 82 deliveries for the year. This included the delivery of the 150th Global 7500 aircraft, the industry flagship that continues to impress and contribute to improved margins for the company. The backlog remains strong at $14.7 billion, and the continued healthy demand resulted in a unit book-to-bill of 1.1 for the quarter. Overall, the company is on track to reach its guidance on deliveries for the year.
Revenues from Bombardier's aftermarket business continued on their positive trajectory in the third quarter 2023 and grew 11 per cent year-over-year to $414 million. The company has been reaping benefits from the significant expansion of its service centre footprint in 2022 and remains focused on increasing its share of this growing market.