Bombardier, the Canadian business jet manufacturer, has reported a narrowed loss in the second quarter, driven by strong performance from its aftermarket segment. The company’s loss was reduced to $35 million, or 44 cents a share, compared with a loss of $129 million, or $1.43 a share, in the same period last year.
On an adjusted basis, Bombardier recorded a profit of 72 cents a share, a significant improvement from the loss of 48 cents a share previously. Analysts had anticipated a profit of 30 cents a share, according to FactSet.
Revenue for the quarter increased by 8% to $1.68 billion from $1.56 billion, which was in line with analyst expectations of growth to $1.69 billion.
The revenue growth in the quarter was primarily driven by the delivery of 29 jets and a notable 19% year-over-year increase in aftermarket revenue to $428 million.
Bombardier ended the second quarter with a backlog of $14.9 billion and remains on track to deliver more than 138 jets in 2023, as per its guidance.
