|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||0.00 - 0.00|
|Beta (5Y monthly)||2.96|
|PE ratio (TTM)||N/A|
|Earnings date||03 Aug 2023|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
MONTREAL (Reuters) -Business jet maker Bombardier Inc said on Thursday it had swung to a first-quarter adjusted profit, helped by increased deliveries of its pricier planes. Bombardier also reported improved operating margins and a 17% rise in quarterly revenue to $1.5 billion on more deliveries of medium and large-cabin corporate jets, and demand for aftermarket services. Like U.S. rival General Dynamics Corp's Gulfstream which reported on Wednesday, Bombardier saw a temporary pause in orders around the end of March after a U.S regional banking crisis.
Airlines and aircraft repair shops in North America are increasingly relying on used and generic parts to keep jets flying, a symptom of the rising costs and supply-chain shortages plaguing the aerospace industry. Driving demand is the struggle aerospace suppliers face to fill new orders as air traffic soars and the supply chain for aircraft parts recovers from the COVID-19 pandemic, when labor shortages and lockdowns slowed production. Higher costs and a shortage of available new parts are also delaying aircraft repairs, which risk pushing up air fares.
MONTREAL (Reuters) -Business jet maker Bombardier Inc on Thursday raised 2025 revenue and free cash targets at its investor day and said it would produce more planes, despite broader economic headwinds. Corporate jet makers have reported swelling order backlogs on persistent strong demand for private flying in the U.S. But flatter global traffic, supply chain snags and the possibility of a recession remain concerns. Bombardier shares were up about 6.5% in afternoon trading.
A New York state judge on Friday rejected an attempt by Bombardier Inc to dismiss a lawsuit by a group of hedge funds that accused the business jet maker of short-changing them by selling new debt after divesting major businesses in 2020 and 2021. Justice Andrew Borrok of the Manhattan Supreme Court said the hedge funds did not waive their right to declare Bombardier in default on their bonds, part of a $250 million issuance maturing in 2034, when it sold the businesses, including its commercial aircraft program. The hedge funds Antara Capital Master Fund, Corbin ERISA Opportunity Fund and Corbin Opportunity Fund sued Bombardier last January, after the company sold an additional $260 million of the bonds to another investor.
(Reuters) -Bombardier Inc on Thursday forecast higher business jet deliveries for 2023 despite supply-chain problems expected to subside but not disappear this year, chief executive Eric Martel said. Canada's Bombardier expects to deliver more than 138 jets in 2023, compared with 123 last year, after strong demand for private flying lifted its quarterly results above expectations. "Today there are less suppliers that have issues but those that remain have sometimes deeper issues which we need to work with," Martel told reporters.
Analysts on average expected the company to post annual revenue of $6.56 billion, according to Refinitiv data. Corporate jet makers have reported swelling order backlogs on persistent strong demand for private flying, especially in the United States, the world's largest market for business aviation. That trend has benefited Bombardier, whose stock has risen about 31% in the past year, along with rivals Gulfstream business jet maker General Dynamics Corp and Cessna jet maker Textron Inc, which report earnings on January 25.
"As President and CEO of Bombardier, I want to publicly share my concern that Canada, which is facing an important choice about the airborne surveillance of its vast borders, may be considering awarding a sole-source contract directly to Boeing." Martel's comments come after a recent media report that Canada was considering a multi-billion dollar purchase of up to a dozen P-8 Poseidon aircraft from Boeing.
The Berkshire Hathaway-owned private aircraft firm will be the fleet launch customer for the Global 8000s, and operate 24 of the new line by upgrading its entire in-service Global 7500 fleet. Montreal-based Bombardier launched the Global 8000, its new long-range business jet, in May this year to compete better at a time when private jet operators are expanding their fleet to meet growing demand from the ultra-rich.
Bombardier Inc on Thursday reported a smaller adjusted loss in the third quarter, as robust demand for private jet travel boosted the aircraft maker's margins. Corporate jet makers have reported swelling order backlogs on persistent strong demand for flying private, especially in the United States, the world's largest market for business aviation. Bombardier Chief Executive Eric Martel said 2022 deliveries remain on track for more than 120 aircraft and he expects to grow production by 15% to 20% next year.
General Dynamics Corp's Gulfstream Aerospace is weighing one of its business jets to replace its popular G550 aircraft which is now out of production for special mission purposes, President Mark Burns said on Monday. Governments are eying "special mission" business jets capable of looking or listening at potentially lower running costs than converted passenger or military planes. The rising demand for small jets with systems once reserved for bigger planes has energised a market led by Gulfstream, which faces challenges from rivals Bombardier and France's Dassault Aviation SA.
What: On October 7th, 2022, at 9:45 a.m., EST, Bombardier will hand over the fourth Global 7500 Flight Test Vehicle (FTV4) to Centennial College. After brief remarks and a celebration with students, the plane will be towed to its new permanent residence, Centennial College.