Bombardier Posts Double-Digit Development Throughout Key Metrics Together with Deliveries, Revenues, Providers and Profitability, Affirms Full 12 months Steerage

Article content material

• Second quarter 2024 plane deliveries reached 39 items and complete revenues climbed to $2.2 billion, with Providers contributing $507 million, reflecting year-over-year progress of 34%, 32% and 18%, respectively.
• Adjusted EBITDA⁽¹⁾ of $335 million for the second quarter was up 22% year-over-year, and adjusted EBITDA margin⁽²⁾ was 15.2%. Reported EBIT for the second quarter was $191 million. Adjusted EPS⁽²⁾ was optimistic at $1.04 for the second quarter, with diluted EPS⁽³⁾ at $0.12.
• Free money move utilization⁽¹⁾ of $68 million represented a $154 million enchancment in comparison with the identical quarter of 2023. Reported money move utilization from working actions and internet additions to PP&E and intangible property have been $31 million and $37 million, respectively.​
• Backlog⁽⁴⁾ as at June 30, 2024 was $14.9 billion on unit book-to-bill⁽⁵⁾ of 1.0, reflecting constant demand.
• Accessible liquidity⁽¹⁾ remained robust at $1.3 billion; money and money equivalents have been $1.0 billion as at June 30, 2024.

Article content material

All quantities on this press launch are in U.S. {dollars}, except in any other case indicated.
Quantities in tables are in thousands and thousands besides per share quantities, except in any other case indicated.

MONTRÉAL, July 25, 2024 (GLOBE NEWSWIRE) — Bombardier Inc. (TSX: BBD.B) right this moment reported robust monetary outcomes for the second quarter of 2024. With vital, double-digit progress 12 months over 12 months throughout key metrics together with deliveries, revenues, providers and profitability, the corporate is on tempo to satisfy 2024 full-year steerage⁽⁶⁾. 

“The complete Bombardier staff is constantly acting at a particularly excessive degree. As the corporate enters the fourth 12 months of our journey centered on enterprise aviation, our with the ability to publish double-digit progress year-over-year underscores our targeted enterprise mannequin, the power of our plan and the staff’s unwavering capability to execute,” stated Éric Martel, President and Chief Govt Officer, Bombardier. “We proceed to exhibit our distinctive experience and ingenuity in the case of sustaining the trade’s strongest monitor document for managing the provision chain. I’m proud that we now have, again and again, confirmed our agility, resilience and skill to thrive in all environments we face, which has stored us on monitor to satisfy full-year steerage⁽⁶⁾.”

Article content material

Increased Deliveries and Spectacular Enhance in Providers Drive Income Development

Revenues for the second quarter of 2024 rose to $2.2 billion, up 32% year-over-year, pushed by increased plane deliveries and a gentle improve in providers income. Plane deliveries reached 39 items within the quarter, representing a 34% improve year-over-year, or ten extra plane when in comparison with the identical quarter final 12 months. With its very robust supply efficiency this quarter, Bombardier has clear line of sight to succeed in its full-year steerage⁽⁶⁾ of between 150 to 155 plane.

Martel added, “As the marketplace for enterprise aviation stays robust around the globe, we’re properly positioned to satisfy demand with our spectacular product lineup and our rising Providers and Protection streams. The considerate diversification of our portfolio has allowed us to make an essential step change in how we carry out, and by sustaining a robust give attention to high quality all through our manufacturing processes, we’re in a position to domesticate new alternatives and chart a transparent path ahead.”

The corporate’s Providers enterprise continued its stable efficiency because it absolutely operationalizes its not too long ago expanded community. Providers contributed $507 million to complete revenues, representing a formidable improve of 18% year-over-year. The Providers enterprise continues its exceptional progress streak and is properly on its solution to attaining run charges that assist the corporate’s goal of reaching $2 billion in revenues by 2025⁽⁶⁾.

Article content material

Article content material

Bombardier noticed sustained demand in a number of key areas, in addition to a wholesome combine all through its portfolio of plane each for enterprise jet clients, in addition to for protection and medevac options. Backlog⁽⁴⁾ reached $14.9 billion on the finish of the second quarter of 2024, fueled by a robust order consumption that yielded a unit book-to-bill⁽⁵⁾ of 1.0.

Expanded Profitability Displays Strong Operational Execution

Bombardier continued its worthwhile progress trajectory within the second quarter of 2024, with an adjusted EBITDA⁽¹⁾ of $335 million, up 22% year-over-year, pushed by a wholesome supply combine and powerful Providers enterprise. The adjusted EBITDA margin⁽²⁾ was 15.2% this quarter, down 120 foundation factors year-over-year. Adjusted EBIT⁽¹⁾ for the second quarter of 2024 was $216 million, a 14% improve from the identical quarter final 12 months. The adjusted EBIT margin⁽²⁾ was down by 150 foundation factors year-over-year. Adjusted EPS⁽²⁾ for the second quarter got here in at $1.04, in comparison with $0.72 in the identical quarter final 12 months.

Free money move utilization⁽¹⁾ of $68 million for the quarter was in step with expectations, an enchancment of $154 million when put next with second quarter of 2023. Reported money move utilization from working actions and internet additions to PP&E and intangible property have been at $31 million and $37 million, respectively.​

Article content material

Article content material

SELECTED RESULTS

Article content material

bps: foundation factors

Article content material

About Bombardier

At Bombardier (BBD-B.TO), we design, construct, modify and preserve the world’s best-performing plane for the world’s most discerning individuals and companies, governments and militaries. Which means not merely exceeding requirements, however understanding clients properly sufficient to anticipate their unstated wants. 

For them, we’re dedicated to pioneering the way forward for aviation – innovating to make flying extra dependable, environment friendly and sustainable. And we’re keen about delivering unmatched craftsmanship and care, giving our clients higher confidence and the elevated expertise they deserve and count on. As a result of individuals who form the world will at all times want the best and accountable methods to maneuver by means of it.

Bombardier clients function a fleet of roughly 5,000 plane, supported by an unlimited community of Bombardier staff members worldwide and 10 service services throughout six nations. Bombardier’s performance-leading jets are proudly manufactured in aerostructure, meeting and completion services in Canada, the US and Mexico. 

Article content material

For Data

For company information and data, together with Bombardier’s Environmental, Social and Governance report, in addition to the corporate’s plans to cowl all its flight operations with a Sustainable Aviation Gas (SAF) mix using the Ebook and Declare system go to bombardier.com. Observe us on X @Bombardier.

Bombardier is a registered trademark of Bombardier Inc. or its subsidiaries.

Media Assets

The Administration’s Dialogue and Evaluation and the Interim Consolidated Monetary Statements can be found at ir.bombardier.com.

CAUTION REGARDING NON-GAAP AND OTHER FINANCIAL MEASURES

This press launch is predicated on reported earnings in accordance with IFRS and on the next non-GAAP and different monetary measures:

Article content material

Non-GAAP and different monetary measures are measures primarily derived from the consolidated monetary statements however usually are not standardized monetary measures beneath the monetary reporting framework used to organize our monetary statements. Due to this fact, these may not be akin to related non-GAAP and different monetary measures utilized by different issuers. The exclusion of sure gadgets from non-GAAP or different monetary measures doesn’t suggest that this stuff are essentially non-recurring.

Adjusted EBIT
Adjusted EBIT is outlined because the EBIT excluding sure gadgets which don’t mirror the Firms core efficiency or the place their separate presentation will help customers of the consolidated monetary statements in understanding the Company’s outcomes for the interval. Such gadgets embrace restructuring costs (reversals)⁽¹⁾⁽²⁾, loss (achieve) associated to disposal of enterprise⁽¹⁾⁽³⁾, impairment and program termination (reversals)⁽¹⁾⁽⁴⁾, sure one-time pension associated gadgets included in different expense (earnings) akin to loss (achieve) on pension annuity purchases⁽¹⁾, and non-commercial authorized claims⁽¹⁾. Administration makes use of adjusted EBIT for functions of evaluating underlying enterprise efficiency. Administration believes presentation of this non-GAAP working earnings measure along with IFRS measures gives customers of our Monetary Report with enhanced understanding of our outcomes and associated traits and will increase the transparency and readability of the core outcomes of our enterprise. For these causes, a big variety of customers of the MD&A analyze our outcomes based mostly on this monetary measure. Administration believes this measure helps customers of the MD&A to raised analyze outcomes, enabling higher comparability of our outcomes from one interval to a different and with friends.

Article content material

Adjusted EBITDA
Adjusted EBITDA is outlined because the EBIT excluding restructuring costs (reversals)⁽¹⁾⁽²⁾, loss (achieve) associated to disposal of enterprise⁽¹⁾⁽³⁾, impairment and program termination (reversals)⁽¹⁾⁽⁴⁾, sure one-time pension associated gadgets included in different expense (earnings) akin to loss (achieve) on pension annuity purchases⁽¹⁾, non-commercial authorized claims⁽¹⁾, and amortization costs on PP&E and intangible property. Administration makes use of adjusted EBITDA for functions of evaluating underlying enterprise efficiency. Administration believes this non-GAAP working earnings measure along with IFRS measures gives customers of our Monetary Report with enhanced understanding of our outcomes and associated traits and will increase the transparency and readability of the core outcomes of our enterprise, because it excludes the results of things which might be often related to investing or financing actions and gadgets that don’t mirror our core efficiency or the place their exclusion will help customers in understanding our outcomes for the interval. For these causes, a big variety of customers of the MD&A analyze our outcomes based mostly on this monetary measure. Administration believes this measure helps customers of the MD&A to raised analyze outcomes, enabling higher comparability of our outcomes from one interval to a different and with friends.

Article content material

Adjusted internet earnings (loss)
Adjusted internet earnings (loss) is outlined as the online earnings (loss) from persevering with operations adjusted for sure particular gadgets which might be vital however usually are not, based mostly on administration’s judgment, reflective of the Company’s underlying operations. These embrace changes associated to restructuring costs (reversals)⁽¹⁾⁽²⁾, loss (achieve) associated to disposal of enterprise⁽¹⁾⁽³⁾, impairment and program termination (reversals)⁽¹⁾⁽⁴⁾, sure one-time pension associated gadgets included in different expense (earnings) akin to loss (achieve) on pension annuity purchases⁽¹⁾, non-commercial authorized claims⁽¹⁾, sure internet positive factors and losses arising from adjustments in measurement of provisions and of monetary devices carried at FVTP&L, accretion on internet retirement profit obligation, losses (positive factors) on reimbursement of long-term debt, adjustments in low cost charges of provisions and the associated tax impacts of this stuff. Administration makes use of adjusted internet earnings (loss) for functions of evaluating underlying enterprise efficiency. Administration believes this non-GAAP earnings measure along with IFRS measures gives customers of our Monetary Report with enhanced understanding of our outcomes and associated traits and improve the transparency and readability of the core outcomes of our enterprise. Adjusted internet earnings (loss) excludes gadgets that don’t mirror our core efficiency or the place their exclusion will help customers in understanding our outcomes for the interval. For these causes, a big variety of customers of the MD&A analyze our outcomes based mostly on this monetary measure. Administration believes this measure helps customers of the MD&A to raised analyze outcomes, enabling higher comparability of our outcomes from one interval to a different and with friends.

Article content material

Free money move (utilization)
Free money move (utilization) is outlined as money flows from working actions – persevering with operations much less internet additions to PP&E and intangible property. Administration believes that this non-GAAP money move measure gives traders with an essential perspective on the Company’s technology of money accessible for shareholders, debt reimbursement, and acquisitions after making the capital investments required to assist ongoing enterprise operations and long-term worth creation. This non-GAAP money move measure doesn’t signify the residual money move accessible for discretionary expenditures because it excludes sure obligatory expenditures akin to reimbursement of maturing debt. Administration makes use of free money move (utilization) as a measure to evaluate each enterprise efficiency and total liquidity technology.

Article content material

Accessible liquidity
Accessible liquidity is outlined as money and money equivalents plus undrawn quantities beneath credit score services. Administration believes that this non-GAAP monetary measure gives traders with an essential perspective on the Company’s capability to satisfy anticipated liquidity necessities, together with the assist of product improvement initiatives and to make sure monetary flexibility. This measure doesn’t have any standardized which means prescribed by IFRS and subsequently, is probably not akin to related measures introduced by different firms.

Adjusted EPS
Adjusted EPS is outlined because the adjusted internet earnings (loss) attributable to fairness shareholders of Bombardier Inc., divided by the weighted-average diluted variety of frequent shares for the interval. Administration makes use of adjusted EPS for functions of evaluating underlying enterprise efficiency. Administration believes this non-GAAP monetary ratio along with IFRS measures gives customers of our Monetary Report with enhanced understanding of our outcomes and associated traits and will increase the transparency and readability of the core outcomes of our enterprise. Adjusted EPS excludes gadgets that don’t mirror our core efficiency or the place their exclusion will help customers in understanding our outcomes for the interval. For these causes, a big variety of customers of the MD&A analyze our outcomes based mostly on this monetary measure. Administration believes this measure helps customers of the MD&A to raised analyze outcomes, enabling higher comparability of our outcomes from one interval to a different and with friends.

Article content material

Adjusted EBIT margin
Adjusted EBIT margin is outlined because the adjusted EBIT expressed as a proportion of complete revenues. Administration makes use of adjusted EBIT margin for functions of evaluating underlying enterprise efficiency. Administration believes this non-GAAP monetary ratio along with IFRS measures gives customers of our Monetary Report with enhanced understanding of our outcomes and associated traits and improve the transparency and readability of the core outcomes of our enterprise. Adjusted EBIT margin excludes gadgets that don’t mirror our core efficiency or the place their exclusion will help customers in understanding our outcomes for the interval. For these causes, a big variety of customers of the MD&A analyze our outcomes based mostly on this monetary measure. Administration believes this measure helps customers of the MD&A to raised analyze outcomes, enabling higher comparability of our outcomes from one interval to a different and with friends.

Adjusted EBITDA margin
Adjusted EBITDA margin is outlined because the adjusted EBITDA expressed as a proportion of complete revenues. Administration makes use of adjusted EBITDA margin for functions of evaluating underlying enterprise efficiency. Administration believes this non-GAAP monetary ratio along with IFRS measures gives customers of our Monetary Report with enhanced understanding of our outcomes and associated traits and improve the transparency and readability of the core outcomes of our enterprise. Adjusted EBITDA margin excludes gadgets that don’t mirror our core efficiency or the place their exclusion will help customers in understanding our outcomes for the interval. For these causes, a big variety of customers of the MD&A analyze our outcomes based mostly on this monetary measure. Administration believes this measure helps customers of the MD&A to raised analyze outcomes, enabling higher comparability of our outcomes from one interval to a different and with friends.

Article content material

Article content material

Article content material

Article content material

Article content material

FORWARD-LOOKING STATEMENTS

This press launch consists of forward-looking statements, which can contain, however usually are not restricted to: statements with respect to our aims, anticipations and outlook or steerage in respect of varied monetary and international metrics and sources of contribution thereto, targets, targets, priorities, market and methods, monetary place, monetary efficiency, market place, capabilities, aggressive strengths, credit score scores, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; basic financial and enterprise outlook, prospects and traits of an trade; buyer worth; anticipated demand for services and products; progress technique; product improvement, together with projected design, traits, capability or efficiency; anticipated or scheduled entry-into-service of services and products, orders, deliveries, testing, lead instances, certifications and execution of orders generally; aggressive place; expectations relating to income and backlog combine; the anticipated influence of the legislative and regulatory surroundings and authorized proceedings; power of capital profile and steadiness sheet, creditworthiness, accessible liquidities and capital sources, anticipated monetary necessities, and ongoing assessment of strategic and monetary options; the introduction of productiveness enhancements, operational efficiencies, value discount and restructuring initiatives, and anticipated prices, meant advantages and timing thereof; the power to proceed enterprise progress and money technology; expectations, aims and methods relating to debt reimbursement, refinancing of maturities and curiosity value discount; compliance with restrictive debt covenants; expectations relating to the declaration and cost of dividends on our most well-liked shares; intentions and aims for our applications, property and operations; expectations relating to the provision of presidency help applications; the influence of latest, or exacerbation of present international well being, geopolitical or army occasions on the foregoing and the effectiveness of our plans and measures in response thereto; and expectations relating to the power of markets, financial downturns or recession, and inflationary and provide chain pressures.

Article content material

As well as, statements that “we imagine” and related statements mirror our beliefs and opinions on the related topic. These statements are based mostly on info accessible to us as of the date of this press launch. Whereas we imagine that info gives an affordable foundation for these statements, that info could also be restricted or incomplete. Our statements shouldn’t be learn to point that we now have carried out an exhaustive inquiry into, or assessment of all related info. These statements are inherently unsure, and traders are cautioned to not unduly depend on these statements.

Ahead-looking statements can usually be recognized by means of forward-looking terminology akin to “might”, “will”, “shall”, “can”, “count on”, “estimate”, “intend”, “anticipate”, “plan”, “foresee”, “imagine”, “proceed”, “preserve” or “align”, the unfavourable of those phrases, variations of them or related terminology. Ahead-looking statements are introduced for the aim of helping traders and others in understanding sure key components of our present aims, strategic priorities, expectations, steerage, outlook and plans, and in acquiring a greater understanding of our enterprise and anticipated working surroundings. Readers are cautioned that such info is probably not acceptable for different functions.

Article content material

By their nature, forward-looking statements require administration to make assumptions and are topic to essential recognized and unknown dangers and uncertainties, which can trigger our precise leads to future intervals to vary materially from forecast outcomes set forth in forward-looking statements. Whereas administration considers these assumptions to be affordable and acceptable based mostly on info at the moment accessible, there may be danger that they is probably not correct. The assumptions underlying the forward-looking statements made on this press launch embrace the next materials assumptions: progress of the enterprise aviation market and the Company’s share of such market; correct identification and continued administration of recurring value saving; optimization of our actual property portfolio; and entry to working capital services on market phrases. For added info, together with with respect to different assumptions underlying the forward-looking statements made on this press launch, seek advice from the Ahead-looking statements – Assumptions part within the MD&A of the Company’s monetary report for the fiscal 12 months ended December 31, 2023. Given the influence of the altering circumstances surrounding new or persevering with international well being, geopolitical and army occasions, and the associated response from the Company, governments (federal, provincial and municipal, each home, overseas and multinational inter-governmental organizations), regulatory authorities, companies, suppliers, clients, counterparties and third-party service suppliers, there may be an inherently increased diploma of uncertainty related to the Company’s assumptions.

Article content material

Sure elements that might trigger precise outcomes to vary materially from these anticipated within the forward-looking statements embrace, however usually are not restricted to: operational dangers (akin to dangers associated to enterprise improvement and progress; order backlog; deployment and execution of our technique, together with value reductions and dealing capital enhancements and manufacturing and productiveness enhancement initiatives; growing new services and products, together with technological innovation and disruption; the certification of services and products; pressures on money flows and capital expenditures, together with resulting from seasonality and cyclicality; doing enterprise with companions; product efficiency guarantee and casualty declare losses; environmental, well being and security issues and laws; dependence on restricted variety of contracts, clients and suppliers, together with provide chain dangers; human sources together with the worldwide availability of a talented workforce; reliance on info programs (together with know-how vulnerabilities, cybersecurity threats and privateness breaches); reliance on and safety of mental property rights; fame dangers; scrutiny and notion gaps relating to environmental, social and governance issues; adequacy of insurance coverage protection; danger administration; and tax issues); financing dangers (akin to dangers associated to liquidity and entry to capital markets; substantial debt and curiosity cost necessities, together with execution of debt administration and curiosity value discount methods; restrictive and monetary debt covenants; retirement profit plan danger; publicity to credit score danger; and availability of presidency assist); dangers associated to regulatory and authorized proceedings; dangers related to basic financial circumstances and disruptions, each regionally and globally, that will influence our gross sales and operations; enterprise surroundings dangers (akin to dangers related to the monetary situation of enterprise plane clients; commerce coverage; elevated competitors; political instability and geopolitical tensions; monetary and financial sanctions and export management limitations; international local weather change; and drive majeure occasions); market dangers (akin to overseas forex fluctuations; altering rates of interest; will increase in commodity costs; and inflation charge fluctuations); and different unexpected adversarial occasions. For extra particulars, see the Dangers and uncertainties part in Different within the MD&A of the Company’s monetary report for the fiscal 12 months ended December 31, 2023. Any a number of of the foregoing elements could also be exacerbated by new or persevering with international well being, geopolitical or army occasions, which can have a considerably extra extreme influence on the Company’s enterprise, outcomes of operations and monetary situation than within the absence of such occasions.

Article content material

Readers are cautioned that the foregoing record of things that will have an effect on future progress, outcomes and efficiency is just not exhaustive and undue reliance shouldn’t be positioned on forward-looking statements. Different dangers and uncertainties not presently recognized to us or that we presently imagine usually are not materials may additionally trigger precise outcomes or occasions to vary materially from these expressed or implied in our forward-looking statements. The forward-looking statements set forth herein mirror administration’s expectations as on the date of this report and are topic to vary after such date. Until in any other case required by relevant securities legal guidelines, we expressly disclaim any intention, and assume no obligation to replace or revise any forward-looking statements, whether or not on account of new info, future occasions or in any other case. The forward-looking statements contained on this press launch are expressly certified by this cautionary assertion.

Article content material