Canadian aerospace company Bombardier has released its Q3 2023 financial results, reporting substantial growth in revenues.
In Q3 2023, Bombardier achieved $1.9 billion in revenues, a significant 28% increase compared to the same period last year, despite the industry facing supply chain disruptions and workforce constraints.
“When we reshaped Bombardier, we wanted to build a resilient business that generated strong results in all markets,” said Éric Martel, President and CEO of Bombardier. “Today, our results demonstrate that we have succeeded.”
This growth was driven by increased aircraft deliveries and a thriving aftermarket service segment, generating $414 million in revenue, an 11% rise from the previous year.
The company delivered 31 aircraft during the quarter, bringing the number of aircraft delivered for the year to 82. This included the delivery of its 150th Global 7500 model. Although Bombardier’s order backlog dipped slightly to $14.7 billion at the end of Q3, compared to $14.9 billion in Q2, the order-to-delivery ratio remained strong at 1.1, reflecting continued demand.
The positive results are attributed to robust aircraft deliveries and the ongoing growth of the aftermarket service business, facilitated by an expanded service center network in 2022.