Business jets keep Bombardier flying high in the second quarter
10 Sep 2008
Bombardier has reported a year-over-year revenue increase of 22 per cent, to $4.9 billion, in its second fiscal quarter ending 31 July, mostly thanks to its aerospace division.
The company's aerospace division brought in $2.5 billion of revenues in the quarter, as against $2.2 billion in the same quarter last year.
According the statement disclosing Bombardier's financial results, Bombardier president and CEO Pierre Beaudoin said that business aircraft recorded a high level of new orders and deliveries, showing the continued popularity of its wide array of products.
Overall, Bombardier logged a $246 million profit for the three-month period, as against a $71 million loss during the same time last year. The company's aerospace backlog jumped to $26.1 billion as of 31 July, a $3.4 billion increase since 31 January.
Bombardier Aerospace launched the CSeries family of aircraft during the Farnborough Airshow this past July, with the new game-changing 110-seat and 130-seat family of aircraft. These airplanes benefit from the latest technological advances, including increased use of composites, a next-generation engine and the very latest in system technologies, said Bombardier. It said that the business aircraft market continues to be strong, as is clear from the 162 net orders, compared with 103 last fiscal year. Bombardier completed 66 deliveries against 49 during the same period a year ago.
Bombardier's business jet division received a number of orders during the quarter, including a 60-aircraft order from VistaJet and one for 110 Learjet 60XRs (25 firm, 85 options) from an undisclosed customer.
