Bombardier’s business jet revenues during the second quarter (Q2) of 2021 were up 50% year-over-year, at $1.5bn, according to the company. The revenues were boosted by aircraft deliveries and services.
The OEM said it forecasts better-than-expected aircraft deliveries, revenues, profitability and cash usage in coming months.
Aircraft deliveries totalled 29 in Q2, up 45% year-over-year, with a strong demand for large-category jets. Worldwide business jet utilisation continued to rise, nearly reaching pre-pandemic levels in North America and Europe, buoying revenue contribution from services activities to $295m, up 29% year over year.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortisation) for the quarter was up $112m year-over-year to $143m.
The second quarter saw strong free cash flow (FCF) generation. The positive $91m from continuing operations FCF total for the quarter represents an improvement of $841m year-over-year and included a negative impact of approximately $60m in non-recurring cash items.
Éric Martel, president and CEO , Bombardier, said: “Our team’s concerted efforts have already supported stronger full year margins and have allowed us to focus diligently on our priorities of maturing the Global 7500 aircraft program, executing our aftermarket growth strategy and deleveraging our balance sheet.”
Find the raised 2021 full year guidance here:
Raised 2021 Full Year Guidance
| 2021 | PREVIOUS | REVISED |
| Business jet deliveries (in units) | 110 – 120 | ~120 |
| Revenues | >$5.6 bn | >$5.8 bn |
| Adjusted EBIT | >$100 m | >$175 m |
| Adjusted EBITDA | >$500 m | >$575 m |
| Free cash flow usage | Usage better than $500 m (including ~$200 m of non- recurring outflows)(6) |
Usage better than $300 m (including ~$200 million of non- recurring outflows)(3) |
