Bombardier has announced first quarter 2023 revenues of $1.5bn, a 17% year-on-year increase it said was "driven by improved delivery mix".
The business jet maker said "continued strong aftermarket revenues of $424 million" also drove the increase as aircraft deliveries looked on track to top 138.
"Reported net income and adjusted net income surged to $302 million and $113 million respectively", the company said, meaning adjusted Earnings per share of $1.06 and diluted earnings per share of $2.98.
The company's adjusted earnings (EBITDA) rose to $212 million, a 27% increase, with reported earnings reaching $140 million.
"With a very healthy, positive adjusted net income, further debt reduction, continued margin expansion, and ramped up production to reach our guidance of more than 138 deliveries this year, we are forging ahead towards the upgraded 2025 targets we presented during our Investor Day last month.” said Éric Martel, president and chief executive.
Available liquidity was $1.4bn at quarter end, while ported cash flow usage from operating activities for the preceding three months was $162 million, leaving it with cash and cash equivalents of $1.1bn by March 31.
Bombardier said it made "continued strong progress on debt reduction with a repayment of approximately $400 million from cash on balance sheet" during Q1. The progress mentioned helped it gain a Moody’s Investors Service upgrade of its corporate family and senior unsecured notes rating to B2, with the outlook maintained as stable, though it ended the period with a backlog of $14.8bn.
“Our robust performance adds to our extremely positive track record from the past two years and confirms we are on the right trajectory," Martel said.