(Montreal) Bombardier reported lower profits and revenue in the first quarter, but said its order backlog increased compared to the same period last year.
The Montreal aircraft manufacturer said Thursday it had a profit of $110 million, or $1.02 per share, in the quarter ended March 31, compared with a profit of $302 million, or $2.98 per share, in the same period a year earlier. .
The company's revenue was $1.28 billion, down from $1.45 billion in the first quarter of fiscal 2023. This represents a 12% decline.
Despite everything, Bombardier highlighted that the number of new unit orders rose by 60% in the first quarter compared to last year. According to the company, this reflects strong demand.
The order book now stands at US$14.9 billion.
Bombardier said it completed deliveries of 20 aircraft in the first quarter and said it remains on track to achieve its 2024 goals of delivering between 150 and 155 aircraft over the course of the year.
On the other hand, the company said it paid off nearly $100 million of debt in the first quarter.
Company in this posting: Bombardier (TSX: BBD.B)
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