Strong performance from Bombardier’s aftermarket services business pushed the Montreal business jet manufacturer to a $117 million profit for the third quarter of 2024, reversing a $37 million loss during the same period last year.
The company’s aircraft deliveries, however, slipped slightly in the third quarter, though Bombardier’s chief executive believes the company will still hit its goal of delivering 150-155 aircraft in 2024.
“Our team has performed extremely well managing the business and maximising the bottom line,” Bombardier CEO Eric Martel told investors during the company’s third-quarter earnings call on 7 November. “All the ingredients are in place to deliver our fourth-quarter and our 2024 guidance.”
Bombardier generated $2.1 billion in third-quarter revenue, up 12% year on year, partly reflecting the performance of its aftermarket division. That business generated $528 million in third-quarter revenue, up 28% year on year.
Bombardier’s manufacturing’s business, which produces midsize Challenger and large-cabin Global business jets, brought in $1.5 billion of revenue last quarter, a 6% year-on-year bump.
The manufacturer delivered 30 aircraft in the third quarter – compared to 39 in the second quarter and 20 in the first – bringing to 89 the number of jets it has delivered in the first nine months of this year.
Bombardier started the year telling investors it expected to hand over 150-155 jets in 2024; hitting that range requires Bombardier deliver at least 61 jets in the four quarter of this year – a seemingly tall order.
But speaking on 7 November, Martel struck an optimistic tone.
“We have an excellent line of site for all deliveries for the next two months,” he says, noting Bombardier historically ramps output during the last three months of the year. Indeed, in the fourth quarter of 2023 it handed over 56 jets.
Bombardier’s has also aimed to generate $8.4-$8.6 billion in revenue this year. It brought in $5.6 billion during the first nine months of 2024.
