Press Release

Issued by Bombardier Aviation.

July 25, 2024

Bombardier Inc. today reported strong financial results for the second quarter of 2024. With significant, double-digit growth year over year across key metrics including deliveries, revenues, services and profitability, the company is on pace to meet 2024 full-year guidance.

“The entire Bombardier team is consistently performing at an extremely high level. As the company enters the fourth year of our journey centred on business aviation, our being able to post double-digit growth year-over-year underscores our focused business model, the strength of our plan and the team's unwavering ability to execute,” said Éric Martel, president and chief executive officer, Bombardier. “We continue to demonstrate our unique expertise and ingenuity when it comes to maintaining the industry's strongest track record for managing the supply chain. I am proud that we have, time and again, proven our agility, resilience and ability to thrive in all environments we face, which has kept us on track to meet full-year guidance.”

Revenues for the second quarter of 2024 rose to $2.2 billion, up 32% year-over-year, driven by higher aircraft deliveries and a steady increase in services revenue. Aircraft deliveries reached 39 units in the quarter, representing a 34% increase year-over-year, or 10 additional aircraft when compared to the same quarter last year. With its very strong delivery performance this quarter, Bombardier has clear line of sight to reach its full-year guidance of between 150 to 155 aircraft.

Martel added, “As the market for business aviation remains strong around the world, we are well positioned to meet demand with our impressive product lineup and our growing services and defence streams. The thoughtful diversification of our portfolio has allowed us to make an important step change in how we perform, and by maintaining a strong focus on quality throughout our production processes, we are able to cultivate new opportunities and chart a clear path forward.”

The company's services business continued its solid performance as it fully operationalises its recently expanded network. Services contributed $507 million to total revenues, representing an impressive increase of 18% year-over-year. The services business continues its remarkable growth streak and is well on its way to achieving run rates that support the company's objective of reaching $2 billion in revenues by 2025.

Bombardier saw sustained demand in multiple key regions, as well as a healthy mix throughout its portfolio of aircraft both for business jet customers, as well as for defence and medevac solutions. Its backlog reached $14.9 billion at the end of the second quarter of 2024, fuelled by a strong order intake that yielded a unit book-to-bill of 1.0.

Bombardier continued its profitable growth trajectory in the second quarter of 2024, with an adjusted EBITDA of $335 million, up 22% year-over-year, driven by a healthy delivery mix and strong services business. The adjusted EBITDA margin was 15.2% this quarter, down 120 basis points year-over-year. Adjusted EBIT for the second quarter of 2024 was $216 million, a 14% increase from the same quarter last year. The adjusted EBIT margin was down by 150 basis points year-over-year. Adjusted EPS for the second quarter came in at $1.04, compared to $0.72 in the same quarter last year.

Free cash flow usage of $68 million for the quarter was in line with expectations, an improvement of $154 million when compared with second quarter of 2023. Reported cash flow usage from operating activities and net additions to PP&E and intangible assets were at $31 million and $37 million, respectively.​