(Reuters) – Canada’s Bombardier on Thursday reported higher third-quarter revenue and an adjusted profit compared with a year-earlier loss, helped by robust demand for pricier business jets and strength in its aftermarket business.
Demand for corporate jet makers is holding strong after the industry witnessed unprecedented orders during the pandemic when the wealthy sought out private flights due to public health concerns and commercial travel restrictions.
Prices for business jets have been on the uptick as the industry combats continued supply chain challenges and labour constraints.
Montreal-based Bombardier generated $80 million in free cash in the quarter, a metric closely watched by investors, compared with $52 million a year earlier.
Revenue from the company’s aftermarket business, which provides maintenance services, rose 11% to $414 million.
Overall revenue increased 28% to $1.86 billion as Bombardier delivered six more business jets in the quarter compared with a year earlier.
On an adjusted basis, the company earned 73 cents per share, compared with a loss of 10 cents per share a year earlier.
(Reporting by Mehr Bedi in Bengaluru and Allison Lampert in Montreal; Editing by Shounak Dasgupta)
