Bombardier Reports Decrease in Profits and Revenues in Q1

Bombardier, the aircraft manufacturer based in Montréal, has released its financial results for the first quarter of 2024, showing a decline in profits and revenues. Despite this, the company indicated a rise in its order activity, with an increase in the backlog compared to the same period last year.

The first quarter saw Bombardier achieving a profit of $110 million, or $1.02 per share, a decrease from $302 million, or $2.98 per share, in the previous year’s first quarter. Revenues for the quarter stood at $1.28 billion, down from $1.45 billion in the first quarter of 2023, marking a 12% decrease.

Although the financial figures showed a decline, Bombardier highlighted a 60% increase in new unit orders compared to the previous year’s first quarter, indicating strong demand. The company’s backlog now stands at $14.9 billion.

Bombardier also reported 20 aircraft deliveries in the first quarter, remaining on track to achieve its full-year delivery guidance of between 150 and 155 aircraft for 2024. Additionally, the company revealed a debt repayment of approximately $100 million during the quarter.

Expressing optimism about the future growth of the business, Éric Martel, the President and CEO of Bombardier, emphasized the company’s solid performance amid challenging circumstances. He commended the team’s efforts in maintaining a strong balance sheet and executing on the strategic plan.

Looking ahead, Bombardier plans to share more details on its growth strategy during an Investor Day event scheduled for May 1st, 2024. The event will take place at the company’s new Aircraft Assembly Centre in Toronto, underlining Bombardier’s commitment to innovation and sustainability in the aviation industry.