Bombardier’s quarterly revenue beats on services business boost
8:03 am Thursday, November 07th, 2024
(Reuters) -Bombardier’s third-quarter revenue beat analysts’ estimates on Thursday, helped by strong demand for business jet parts and repairs.
Business jet makers are increasing their order backlogs as they benefit from a wave of interest from wealthy travellers that has continued since the COVID-19 pandemic.
Despite an 18-day strike in July at one of its Canadian facilities, Bombardier delivered 30 jets during the third quarter ending September, compared with 31 aircraft a year earlier.
The Challenger jet maker reported cash burn, a metric closely watched by investors, of $127 million during the quarter, compared with a positive cash flow of $80 million in the same period last year.
Bombardier maintained its full year forecast for jet deliveries of 150 to 155 aircraft.
Revenue from the company’s services business rose 28% in the third quarter to $528 million.
Montreal-based Bombardier’s total revenue for the quarter was $2.07 billion, compared with the average analyst estimate of $1.79 billion, according to data compiled by LSEG.
On an adjusted basis, the company earned 74 cents per share, compared with estimates of 73 cents.
(Reporting by Aatreyee Dasgupta in Bengaluru and Allison Lampert in Montreal; Editing by Shounak Dasgupta)
