MONTREAL (Reuters) – Canada’s Bombardier Corp reported on Thursday a year-earlier rise in quarterly income and revenue, boosted by demand for pricier enterprise jets regardless of provide chain pressures.
The Montreal-based enterprise jet maker reported a second-quarter revenue of $10 million from persevering with operations, in comparison with a lack of $109 million.
The jet makers’ outcomes have been buoyed by robust demand from the rich for personal flights over the previous few quarters, however corporations are grappling with provide chain challenges which are making it troublesome to ship the jets.
Final month, Plane maker Gulfstream Corp. Textron Inc raised its full-year earnings forecast primarily based on robust plane pricing.
Nonetheless, there are early indicators that demand could also be leveling off. Bombardier mentioned Thursday that the backlog on the finish of June was up simply 0.7% at $14.9 billion in comparison with the top of March.
Quarterly income rose 8% to $1.68 billion on shipments of 29 plane. On a share foundation, adjusted revenue was 72 cents, in comparison with a lack of 48 cents within the prior yr.
Analysts surveyed by Refinitiv had forecast earnings of 28 cents per share on income of $1.68 billion. It was not instantly clear if the numbers had been comparable.
Bombardier reported money burn of $222 million in comparison with free money circulate of $341 million a yr in the past, because of capital expenditures and a working capital buildup to assist greater plane deliveries within the second half of 2023.
(Reporting by Alison Lambert in Montreal and Abhijith Janappavaram in Bengaluru; Modifying by Soumyadib Chakrabarti)