swung to a first-quarter adjusted profit, helped by increased deliveries of its pricier planes, the business jet maker said on Thursday.
Montreal-based Bombardier said it generated quarterly revenue of $1.5-billion, up 17 per cent from the same period last year, on an improved delivery mix of more medium and large-cabin corporate jets, along with demand for its aftermarket services.Business jet makers are planning to deliver more planes this year, despite concerns over supply chain snarls, following a surge in demand to fly private during the COVID-19 pandemic.
Bombardier reported negative $247-million in free cash usage, a closely watched metric by investors, due to higher working capital needs to deliver more than 138 planes this year, up from 123 jets in 2022.Bombardier delivered 22 business jets during the quarter, up one from a year earlier. However the company delivered two more medium-sized and two more large-cabin business jets which command stronger pricing.