Bombardier swings to net loss despite revenue jump as private plane travel falls
MONTREAL — Bombardier Inc. is reporting a revenue leap of 28 per cent in its latest quarter as the company says it remains on track for its business jet delivery targets, even as private plane activity slumps across the globe.
The plane maker says it incurred a net loss of US$37 million in the three months ended Sept. 30, down from a US$27 million profit in the same period a year earlier.
Revenues from the Montreal-based company, which reports in U.S. dollars, rose to US$1.86 billion in its third quarter from US$1.46 billion the year before.
Its adjusted net income also jumped to US$80 million or 73 cents per share from a loss of US$2 million or 10 cents per share.
The adjusted earnings handily beat analyst expectations of 46 cents per share, according to financial markets data firm Refinitiv.
Bombardier says it delivered 31 business jets in the third quarter, up six planes from the same time span in 2022, bringing the year’s total to 82 — though putting a heavy burden on the company as it strives to churn out at least 56 more to meet its forecast of at least 138 aircraft deliveries in 2023.
This report by The Canadian Press was first published Nov. 2, 2023.
Companies in this story: (TSX:BBD.B)
Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.
