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Bombardier's quarterly revenue beats on services business boost
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Bombardier's quarterly revenue beats on services business boost
Nov 9, 2024 12:01 PM

Nov 7 (Reuters) - Bombardier's third-quarter

revenue beat analysts' estimates on Thursday, helped by strong

demand for business jet parts and repairs.

Business jet makers are increasing their order backlogs as

they benefit from a wave of interest from wealthy travellers

that has continued since the COVID-19 pandemic.

Despite an 18-day strike in July at one of its Canadian

facilities, Bombardier delivered 30 jets during the third

quarter ending September, compared with 31 aircraft a year

earlier.

The Challenger jet maker reported cash burn, a metric

closely watched by investors, of $127 million during the

quarter, compared with a positive cash flow of $80 million in

the same period last year.

Bombardier maintained its full year forecast for jet

deliveries of 150 to 155 aircraft.

Revenue from the company's services business rose 28% in the

third quarter to $528 million.

Montreal-based Bombardier's total revenue for the quarter

was $2.07 billion, compared with the average analyst estimate of

$1.79 billion, according to data compiled by LSEG.

On an adjusted basis, the company earned 74 cents per share,

compared with estimates of 73 cents.

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