Monday, January 30, 2023

Bombardier quarterly loss narrows as business jet demand rebounds By Reuters

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© Reuters. FILE PHOTO: A plane flies over a Bombardier plant in Montreal, Quebec, Canada on January 21, 2014. REUTERS/Christinne Muschi/File Photo

(Reuters) – Canadian business jet maker Bombardier (OTC:) Inc posted a smaller second-quarter loss on Thursday, as demand for private jets from corporates and wealthy buyers returned after the pandemic crimped sales last year.

Easing travel restrictions and the lure of private flights has led to a surge in business aviation, filling seats for private operators and expanding order backlogs for planemakers.

Bombardier’s business jet revenue jumped 17% to $1.4 billion on higher deliveries of large aircraft.

Revenue from business aircraft services also rose due to increased fleet flight hours which have now surpassed 2019 levels, the company said, adding that business jet utilization in the United States rose 42.5% in the first eight months of 2021, compared with a year earlier.

The company last month unveiled an upscale variant of its Challenger 350 business jet as it vies to protect its dominant market share in the segment and capitalize on higher demand for private flying during the pandemic.

Montreal-based Bombardier posted an adjusted net loss of $95 million, or 4 cents per share, in the quarter ended Sept. 30, compared with a loss of $210 million, or 9 cents, a year earlier.

Revenue rose 3% to $1.45 billion.

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