Bombardier turned a $110 million profit in the first quarter of 2022 despite a dip in aircraft deliveries, and has rolled out a new logo it says reflects the company’s shift to become a manufacturer of business jets only.
“This solid start reinforced out confidence in our ability to reach our guidance for the year,” Bombardier chief executive Eric Martel said on 25 April. “Our new brand identity reinforces our successful shift toward business aviation.”
He adds that Bombardier’s financial results and aircraft delivery volume during the quarter were “exactly and precisely to plan”.
The company delivered 20 aircraft during the first quarter, two fewer than it handed over in the same period of 2023 As a result, Bombardier generated $1.3 billion in first quarter revenue, down 12% year on year.
Bombardier ended March with a backlog of aircraft orders valued at $14.9 billion, up 5% in one year. The company cites ongoing strong demand for its business jets – which include the Challenger and Global lines – saying it sold 60% more jets in the first quarter of 2024 than in the first quarter of last year.
“Bombardier’s production plan remains on track to meet full-year 2024 delivery guidance,” the company adds.
It aims to deliver 150-155 aircraft this year.
The financial results came one day after the airframer adopted a new logo it calls “Bombardier Mach”, which resembles “the silhouette of an aircraft breaking the sound barrier – an ode to the ambition and innovative Spirit of Bombardier’s talented people”, it says.
The design “celebrates the company’s successful shift toward pure-play business aviation”, it adds.
Several years ago Bombardier had several business divisions, including commercial and business aviation arms and a rail business.
The transformation started in 2018 when it began offloading its CSeries commercial aircraft programme – which imposed significant financial burdens on the company – to Airbus, which acquired majority control of the programme in 2020. Airbus renamed the jet the A220.
Other programmes also went away. In 2019, Bombardier began ridding itself of its commercial aircraft assets by selling the Dash 8 turboprop programme to Longview Aviation Capital for $298 million in proceeds. In 2020, Bombardier sold its CRJ regional jet programme to Mitsubishi Heavy Industries for $550 million.
Bombardier completed the restructuring in January 2021 by selling its train business to French company Alstom for about $3.6 billion.
