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Bombardier reports Q1 profit compared with a loss a year ago, revenue up 17%

MONTREAL — Bombardier Inc. reported a profit in its latest quarter compared with a loss a year ago as its revenue gained 17 per cent, helped by higher deliveries and selling prices for its medium and large aircraft, as well as increased services revenue.

The aircraft maker, which keeps its books in U.S. dollars, says it earned US$302 million or US$2.98 per diluted share for the quarter ended March 31 compared with a loss of US$287 million or US$3.09 per diluted share a year ago.

Revenue totalled US$1.45 billion, up from US$1.25 billion in the first three months of 2022.

The company says it is on track to reach its production guidance for more than 138 aircraft deliveries this year.

On an adjusted basis, Bombardier says it earned US$1.06 per diluted share in its latest quarter compared with a loss of 80 cents per share in the same quarter last year.

It says it repaid about US$400 million in debt in its first quarter.

News from © Canadian Press Enterprises Inc., 2021