- Second quarter 2024 aircraft deliveries reached 39 units and total revenues climbed to $2.2 billion, with Services contributing $507 million, reflecting year-over-year growth of 34%, 32% and 18%, respectively.
- Adjusted EBITDA of $335 million for the second quarter was up 22% year-over-year, and adjusted EBITDA margin was 15.2%. Reported EBIT for the second quarter was $191 million. Adjusted EPS was positive at $1.04 for the second quarter, with diluted EPS at $0.12.
- Free cash flow usage of $68 million represented a $154 million improvement compared to the same quarter of 2023. Reported cash flow usage from operating activities and net additions to PP&E and intangible assets were $31 million and $37 million, respectively.
- Backlog as at June 30, 2024 was $14.9 billion on unit book-to-bill of 1.0, reflecting consistent demand.
- Available liquidity remained strong at $1.3 billion; cash and cash equivalents were $1.0 billion as at June 30, 2024.
All amounts in this press release are in U.S. dollars, unless otherwise indicated.
Amounts in tables are in millions except per share amounts, unless otherwise indicated.
MONTRÉAL, July 25, 2024 (GLOBE NEWSWIRE) — Bombardier Inc. (TSX: BBD.B) today reported strong financial results for the second quarter of 2024. With significant, double-digit growth year over year across key metrics including deliveries, revenues, services and profitability, the company is on pace to meet 2024 full-year guidance.
“The entire Bombardier team is consistently performing at an extremely high level. As the company enters the fourth year of our journey centered on business aviation, our being able to post double-digit growth year-over-year underscores our focused business model, the strength of our plan and the team’s unwavering ability to execute,” said Éric Martel, President and Chief Executive Officer, Bombardier. “We continue to demonstrate our unique expertise and ingenuity when it comes to maintaining the industry’s strongest track record for managing the supply chain. I am proud that we have, time and again, proven our agility, resilience and ability to thrive in all environments we face, which has kept us on track to meet full-year guidance.”
Higher Deliveries and Impressive Increase in Services Drive Revenue Growth
Revenues for the second quarter of 2024 rose to $2.2 billion, up 32% year-over-year, driven by higher aircraft deliveries and a steady increase in services revenue. Aircraft deliveries reached 39 units in the quarter, representing a 34% increase year-over-year, or ten additional aircraft when compared to the same quarter last year. With its very strong delivery performance this quarter, Bombardier has clear line of sight to reach its full-year guidance of between 150 to 155 aircraft.
Martel added, “As the market for business aviation remains strong around the world, we are well positioned to meet demand with our impressive product lineup and our growing Services and Defense streams. The thoughtful diversification of our portfolio has allowed us to make an important step change in how we perform, and by maintaining a strong focus on quality throughout our production processes, we are able to cultivate new opportunities and chart a clear path forward.”
The company’s Services business continued its solid performance as it fully operationalizes its recently expanded network. Services contributed $507 million to total revenues, representing an impressive increase of 18% year-over-year. The Services business continues its remarkable growth streak and is well on its way to achieving run rates that support the company’s objective of reaching $2 billion in revenues by 2025.
Bombardier saw sustained demand in multiple key regions, as well as a healthy mix throughout its portfolio of aircraft both for business jet customers, as well as for defense and medevac solutions. Backlog reached $14.9 billion at the end of the second quarter of 2024, fueled by a strong order intake that yielded a unit book-to-bill of 1.0.
Expanded Profitability Reflects Solid Operational Execution
Bombardier continued its profitable growth trajectory in the second quarter of 2024, with an adjusted EBITDA of $335 million, up 22% year-over-year, driven by a healthy delivery mix and strong Services business. The adjusted EBITDA margin was 15.2% this quarter, down 120 basis points year-over-year. Adjusted EBIT for the second quarter of 2024 was $216 million, a 14% increase from the same quarter last year. The adjusted EBIT margin was down by 150 basis points year-over-year. Adjusted EPS for the second quarter came in at $1.04, compared to $0.72 in the same quarter last year.
Free cash flow usage of $68 million for the quarter was in line with expectations, an improvement of $154 million when compared with second quarter of 2023. Reported cash flow usage from operating activities and net additions to PP&E and intangible assets were at $31 million and $37 million, respectively.
About Bombardier
At Bombardier (BBD-B.TO), we design, build, modify and maintain the world’s best-performing aircraft for the world’s most discerning people and businesses, governments and militaries. That means not simply exceeding standards, but understanding customers well enough to anticipate their unspoken needs.
For them, we are committed to pioneering the future of aviation – innovating to make flying more reliable, efficient and sustainable. And we are passionate about delivering unrivaled craftsmanship and care, giving our customers greater confidence and the elevated experience they deserve and expect. Because people who shape the world will always need the most productive and responsible ways to move through it.
Bombardier customers operate a fleet of approximately 5,000 aircraft, supported by a vast network of Bombardier team members worldwide and 10 service facilities across six countries. Bombardier’s performance-leading jets are proudly manufactured in aerostructure, assembly and completion facilities in Canada, the United States and Mexico.
For Information
For corporate news and information, including Bombardier’s Environmental, Social and Governance report, as well as the company’s plans to cover all its flight operations with a Sustainable Aviation Fuel (SAF) blend utilizing the Book and Claim system visit bombardier.com. Follow us on X @Bombardier.
Bombardier is a registered trademark of Bombardier Inc. or its subsidiaries.