MONTREAL – Bombardier is reporting revenues rose eight per cent year over year in its second quarter amid ongoing demand for business jets as deliveries and aftermarket services ramped up.
The business jet maker says revenues increased to $1.68 billion in the three months ended June 30 from $1.56 billion a year earlier.
Bombardier says net income turned up a second-quarter loss of $35 million versus a loss of $129 million the year before, due in part to professional fees related to the sale of Bombardier’s rail business in 2021.
On an adjusted basis, earnings hit 72 cents per share, slightly below analyst expectations of 74 cents per share, according to financial markets data firm Refinitiv.
CEO Éric Martel says the higher revenues landed despite supply chain snarls, with the company on track to reach its forecast of more than 138 business jet deliveries this year.
The earnings boost last month came on the back of 29 jet deliveries and a big leap in income from repairs and parts replacement for some of the 5,000-odd Bombardier planes that ply the skies globally.
This report by The Canadian Press was first published Aug. 3, 2023.
Companies in this story: (TSX:BBD.B)
