Bombardier Q3 Results Keep the Company On-Track to Full-Year Guidance, Propelled by Record Services Revenue and Continued Year-Over-Year Growth

• Third quarter 2024 total revenues climbed 12% year-over-year to $2.1 billion, driven by a $528 million record-level contribution from Services and a favorable aircraft mix across the 30 units delivered per plan.
• Adjusted EBITDA⁽¹⁾ of $307 million for the third quarter and adjusted EBITDA margin⁽²⁾ was 14.8%. Reported EBIT for the third quarter was $201 million. Adjusted EPS⁽²⁾ was positive at $0.74 for the third quarter, with diluted EPS⁽³⁾ at $1.09.
• Free cash flow usage⁽¹⁾ for the quarter was $127 million, including investment in inventory of $149 million. Reported cash flow usage from operating activities of $81 million and net additions to PP&E and intangible assets of $46 million.
• Backlog⁽⁴⁾ as at September 30, 2024 stood at $14.7 billion, reflecting unit book-to-bill⁽⁵⁾ of 1.0 for the quarter.
• Available liquidity⁽¹⁾ remained strong at $1.2 billion; cash and cash equivalents were $0.9 billion as at September 30, 2024.
• Further strengthened the liquidity position subsequent to quarter end, through a $150 million upsize of its secured revolving credit facility which now stands at $450 million⁽⁶⁾.

Amounts in tables are in millions except per share amounts, unless otherwise indicated. 

MONTRÉAL, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Bombardier Inc. (TSX: BBD.B) today reported its financial results for the third quarter of 2024. Marked by steady growth across key metrics, including revenues, profitability and services, the company remains on track to meet its full-year 2024 guidance⁽⁷⁾.

"With a sustained increase in revenues, profitability and record aftermarket performance, Bombardier's strong results this quarter are a testament to our long-term plan and our team's ability to execute, meeting commitments week after week,” said Éric Martel, President and Chief Executive Officer, Bombardier. "We have once again posted a healthy book-to-bill⁽⁵⁾ ratio, which in turn has maintained our backlog⁽⁴⁾ and predictability. This is all made possible by our second to none product portfolio and customer focus. As we enter the last months of the year, I am proud that our operations and service network continue to perform at a high level and are well positioned to deliver on full-year guidance⁽⁷⁾.”

Robust Services Growth Fuels Year-Over-Year Revenue Increase

Bombardier reported revenues of $2.1 billion in the third quarter of 2024, an increase of 12% year-over-year, driven by impressive aftermarket growth and a healthy delivery mix. Revenues from the company's Services business stream continued their remarkable upward trajectory in the third quarter of 2024, up 28% year-over-year to a record of $528 million. Having fully operationalized its expanded support network, revenues from services are trending well above the company's objective of $2 billion in aftermarket revenues by 2025⁽⁷⁾.

The company delivered a healthy mix of aircraft this quarter, for a total of 30 deliveries. Backlog⁽⁴⁾ reached $14.7 billion as at September 30, 2024, resulting in a unit book-to-bill⁽⁵⁾ of 1.0. Overall, the company remains on track to meet its planned delivery guidance for 2024⁽⁷⁾. 

Operational Efficiency Driving Profitability Increase

Bombardier continued to drive profitable growth in the third quarter of 2024. Adjusted net income⁽¹⁾ increased by $1 million year-over-year, reaching $81 million. Adjusted EPS⁽²⁾ came in at $0.74 for the third quarter, compared with $0.73 for the same quarter last year. Diluted EPS⁽³⁾ was $1.09 for the quarter.

Adjusted EBITDA⁽¹⁾ for the third quarter of 2024 reached $307 million, representing growth of 8% year-over-year. Adjusted EBIT⁽¹⁾ totaled $201 million, an increase of 4% year-over-year.

The company recorded free cash flow usage⁽¹⁾ of $127 million for the third quarter, with an investment in inventory of $149 million. Reported cash flow usage from operating activities⁽³⁾ came in at $81 million, with net additions to PP&E and intangible assets at $46 million.​

Continuing to Strengthen Balance Sheet, Providing Solid Foundation for Future Growth and Deleveraging

Available liquidity⁽¹⁾ as at September 30, 2024 remained solid at $1.2 billion, in line with expectations. Bombardier further improved its liquidity position with an additional $150 million increase to its revolving credit facility, subsequent to quarter end, which now sits at $450 million⁽⁶⁾. With this, the company continues to strengthen its balance sheet and position itself favorably for sustained future growth.

"2024 is tracking to be another milestone year for Bombardier. We have achieved more than 60 speed records on our Global 7500 program and the Global 8000 is now entering the production phase in parallel to certification activities,” added Martel. "Our successful showing at NBAA-BACE this past October once again highlighted how Bombardier has set the standard in business aviation and our passionate people continue to push the boundaries of what is possible in our industry. All-in-all, we have delivered meaningful growth in our Services business and continue to deepen relationships with customers, be they individuals, large companies or governments.”

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.

Learn more about Bombardier's industry-leading products and customer service network at businessaircraft.bombardier.com. Follow us on X @Bombardier.

Bombardier, Global 7500 and Global 8000 are registered trademarks of Bombardier Inc. or its subsidiaries.

Media Resources

General media contact webform

CAUTION REGARDING NON-GAAP AND OTHER FINANCIAL MEASURES

This press release is based on reported earnings in accordance with IFRS and on the following non-GAAP and other financial measures:

Adjusted EBIT

Adjusted EBIT is defined as the EBIT excluding certain items which do not reflect the Corporations core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation's results for the period. Such items include restructuring charges (reversals)⁽¹⁾⁽²⁾, loss (gain) related to disposal of business⁽¹⁾⁽³⁾, impairment and program termination (reversals)⁽¹⁾⁽⁴⁾, certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, and non-commercial legal claims. Management uses adjusted EBIT for purposes of evaluating underlying business performance. Management believes presentation of this non-GAAP operating earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Adjusted EBITDA

Adjusted EBITDA is defined as the EBIT excluding restructuring charges (reversals)⁽¹⁾⁽²⁾, loss (gain) related to disposal of business⁽¹⁾⁽³⁾, impairment and program termination (reversals)⁽¹⁾⁽⁴⁾, certain one-time pension related items included in other expense (income) such as loss (gain) on pension annuity purchases, non-commercial legal claims, and amortization charges on PP&E and intangible assets. Management uses adjusted EBITDA for purposes of evaluating underlying business performance. Management believes this non-GAAP operating earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business, since it excludes the effects of items that are usually associated with investing or financing activities and items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Adjusted net income (loss) is defined as the net income (loss) from continuing operations adjusted for certain specific items that are significant but are not, based on management's judgment, reflective of the Corporation's underlying operations. These include adjustments related to restructuring charges (reversals)⁽¹⁾⁽²⁾, loss (gain) related to disposal of business⁽¹⁾⁽³⁾, impairment and program termination (reversals)⁽¹⁾⁽⁴⁾, certain one-time pension related items included in other (income) expense such as (gain) loss on pension annuity purchases, non-commercial legal claims, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L, accretion on net retirement benefit obligation, losses (gains) on repayment of long-term debt, changes in discount rates of provisions and the related tax impacts of these items. Management uses adjusted net income (loss) for purposes of evaluating underlying business performance. Management believes this non-GAAP earnings measure in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increase the transparency and clarity of the core results of our business. Adjusted net income (loss) excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Free cash flow (usage)

Free cash flow (usage) is defined as cash flows from operating activities - continuing operations less net additions to PP&E and intangible assets. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation's generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. This non-GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow (usage) as a measure to assess both business performance and overall liquidity generation.

Available liquidity

Available liquidity is defined as cash and cash equivalents plus undrawn amounts under credit facilities. Management believes that this non-GAAP financial measure provides investors with an important perspective on the Corporation's ability to meet expected liquidity requirements, including the support of product development initiatives and to ensure financial flexibility. This measure does not have any standardized meaning prescribed by IFRS and therefore, may not be comparable to similar measures presented by other companies.

Adjusted EPS is defined as the adjusted net income (loss) attributable to equity shareholders of Bombardier Inc., divided by the weighted-average diluted number of common shares for the period. Management uses adjusted EPS for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EPS excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Adjusted EBIT margin

Adjusted EBIT margin is defined as the adjusted EBIT expressed as a percentage of total revenues. Management uses adjusted EBIT margin for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increase the transparency and clarity of the core results of our business. Adjusted EBIT margin excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Adjusted EBITDA margin

Adjusted EBITDA margin is defined as the adjusted EBITDA expressed as a percentage of total revenues. Management uses adjusted EBITDA margin for purposes of evaluating underlying business performance. Management believes this non-GAAP financial ratio in addition to IFRS measures provides users of our Financial Report with enhanced understanding of our results and related trends and increase the transparency and clarity of the core results of our business. Adjusted EBITDA margin excludes items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on this financial measure. Management believes this measure helps users of the MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.