Bombardier Inc. (TSX: BBD.B) has announced its third-quarter financial results for 2024, showcasing strong growth in revenues, profitability, and aftermarket services. With revenues reaching $2.1 billion—a 12% year-over-year increase—the company remains on target to meet its full-year guidance, driven by record-setting performance in its Services division and continued operational efficiency.
Éric Martel, Bombardier’s President and CEO, praised the company’s steady progress, saying, “Bombardier’s strong results this quarter are a testament to our long-term plan and our team’s ability to execute, meeting commitments week after week.” Highlighting a strong book-to-bill ratio of 1.0, Bombardier’s backlog as of September 30, 2024, stood at $14.7 billion, further strengthening the company’s outlook for the rest of the year.
Surge in Aftermarket Services Propels Revenue Growth
Bombardier’s Services segment recorded a remarkable 28% increase year-over-year, achieving revenues of $528 million—a record high that puts the company on track to meet its $2 billion aftermarket revenue target by 2025. This growth is credited to Bombardier’s expanded support network, which continues to attract a diverse customer base across both government and private sectors. Aircraft deliveries totaled 30 units in Q3, contributing to a balanced delivery mix and a solid revenue stream.
Increased Profitability Through Operational Efficiency
Operational efficiency played a significant role in Bombardier’s financial strength this quarter, with adjusted net income rising to $81 million, compared to $80 million in Q3 2023. Adjusted EBITDA reached $307 million, an 8% increase year-over-year, while adjusted EBIT rose by 4% to $201 million. With available liquidity totaling $1.2 billion, Bombardier’s financial health was further boosted by an additional $150 million increase to its revolving credit facility, bringing it to $450 million.
Paving the Way for Future Growth and Innovation
Bombardier’s focus on product innovation is evident, with the Global 8000 entering the production phase alongside certification efforts. The company’s Global 7500 program has already set over 60 speed records, underscoring Bombardier’s commitment to advancing the business aviation sector. Martel highlighted Bombardier’s recent success at NBAA-BACE, where the company demonstrated its leadership in business aviation.
“Our passionate people continue to push the boundaries of what is possible in our industry,” Martel noted. With Q3 results underscoring a well-executed growth strategy, Bombardier appears well-positioned to meet its full-year objectives and lay a strong foundation for future success.
SOURCE: Bombardier