Bombardier adjusted net grows to US$123m in quarter

Business | 6 May 2021 7:15 pm

Canada's Bombardier reported a 43 increase in quarterly adjusted profit on Thursday, helped by a recovery in business aviation, as rising coronavirus vaccinations encourage wealthy travelers to fly again, Reuters reports.

Bombardier has emerged as a pure-play business jet maker after divesting assets, including its transportation business to Alstom in January, to pay down debt and boost earnings.

The corporate aircraft maker announced early results on Monday after contesting a bondholder's claims that its recent sales of non-core assets breach the terms of certain notes.

Montreal-based Bombardier said it would seek bondholders' consent to amend terms on eight bond issues.

Bombardier's first-quarter adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed to US$123 million, in the first quarter ended March 31, from US$86 million, a year earlier.

Deliveries of its flagship Global 7500 jets increased to eight aircraft in the quarter from six, a year earlier.

The company said it remains on track to deliver between 110 and 120 business aircraft in 2021. Bombardier's full-year deliveries fell by 20 percent to 114 jets in 2020.

Business jet revenue increased by 18 percent to US$1.3 billion in the quarter.

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