{"id":26003,"date":"2023-04-27T14:10:15","date_gmt":"2023-04-27T14:10:15","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/bombardier-swings-to-profit\/"},"modified":"2023-04-27T14:18:56","modified_gmt":"2023-04-27T14:18:56","slug":"bombardier-profit-takes-off","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/bombardier-profit-takes-off\/","title":{"rendered":"Bombardier profit takes off with pricier jet deliveries"},"content":{"rendered":"<p>By Allison Lampert and Anandita Mehrotra<\/p>\n<p>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.<\/p>\n<p>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. <\/p>\n<p>However, the Canadian company reported negative $247 million in free cash usage, a closely watched metric, partly due to higher working capital needs to deliver more than 138 planes this year, up from 123 in 2022.<\/p>\n<p>Like U.S. rival General Dynamics Corp&#8217;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.<\/p>\n<p>Activity has since returned to normal and demand is stable Chief Executive Eric Martel told analysts. Bombardier&#8217;s $14.8 billion backlog is flat since the end of 2022.  <\/p>\n<p>&#8220;The regional banking crisis had an impact probably for two to three weeks on us,&#8221; Martel said. <\/p>\n<p>Earlier, Cessna business jet maker Textron Inc. reported higher profit on stronger pricing.<\/p>\n<p>Business jet makers are planning to deliver more planes this year, despite concerns over supply chain snarls, after a surge in demand to fly private during the COVID-19 pandemic.<\/p>\n<p>But those early gains in private traffic are diminishing compared with 2019, business aviation research consultancy WingX said in a Thursday note, as economic shadows loom.<\/p>\n<p>&#8220;We&#8217;re ready for it if it happens,&#8221; Martel said of the prospect of an economic downturn.  <\/p>\n<p>Bombardier reported adjusted earnings per share of $1.06. Analysts on average were expecting an EPS loss of four cents a share, Refinitiv data showed.<\/p>\n<p>Adjusted net income was $113 million, compared with a loss of $69 million a year earlier.<\/p>\n<p>Bombardier delivered 22 business jets during the quarter, up one from a year earlier. However it delivered two more medium-sized and two more large-cabin business jets which command stronger pricing.   <\/p>\n<p> (Reporting by Allison Lampert in Montreal and Anandita Mehrotra in Bangalore; Additional reporting by Ananta Agarwal in Bangalore; Editing by David Goodman, Anil D&#8217;Silva, Sharon Singleton and Alexander Smith)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/bombardier-swings-to-profit\/european-business-aviation-convention-exhibition-ebace-in-geneva-2\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q0FW-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3Q0FW-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Allison Lampert and Anandita Mehrotra 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 [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":26004,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-26003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3Q0FW-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=26003"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26003\/revisions"}],"predecessor-version":[{"id":26323,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/26003\/revisions\/26323"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/26004"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=26003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=26003"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=26003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}