Bombardier reports backlog growth, increased service revenue in Q1

Bombardier Inc. released its first quarter 2024 financial results, showing significant growth in its services division and order book. The company's total order backlog increased by $700 million to $14.9 billion, with a unit book-to-bill ratio of 1.6.

Revenues for the quarter reached $1.3 billion, with 20 aircraft deliveries aligning with the company's full-year delivery guidance. Revenue from aftermarket services saw a 13% year-over-year increase, totaling $477 million.

The company reported a free cash flow usage of $387 million, attributed to expected inventory build-up to support production ramp-up. Bombardier continued its deleveraging efforts, redeeming $100 million in debt in April.

Bombardier is scheduled to hold its annual Investor Day on May 1, 2024, at its new aircraft assembly facility in the Greater Toronto Area, which will be inaugurated on the same day.