Bizjets Help Keep Bombardier Soaring Higher
On Thursday, Bombardier reported a year-over-year revenue increase of 22 percent, to $4.9 billion, in its second fiscal quarter ending July 31, thanks in large part to its aerospace division. The company’s aerospace division contributed $2.5 billion of these revenues in the quarter, up from $2.2 billion in the same period last year. Overall, Bombardier logged a $246 million profit for the three-month period, compared with a $71 million loss in the same time frame last year. “At Bombardier Aerospace, business aircraft recorded a high level of new orders and deliveries, showing the continued popularity of its wide array of products,” noted Bombardier president and CEO Pierre Beaudoin. In fact, its aerospace backlog rose to $26.1 billion as of July 31, a $3.4 billion increase since January 31. Bombardier said the business aircraft market continues to be strong–“as illustrated by 162 net orders, compared with 103 last fiscal year, while 66 deliveries were completed, versus 49 for the same period last fiscal year.” The business jet division received “significant orders” during the quarter, including a 60-aircraft order from VistaJet and an order for 110 Learjet 60XRs (25 firm, 85 options) from an undisclosed customer.