Bombardier raises 2021 guidance after posting improved second-quarter results
Bombardier Inc. is raising its 2021 guidance after reporting improved financial results in the second quarter.
The Montreal-based business jet manufacturer says it expects to earn more than US$175 million on full-year revenues exceeding US$5.8 billion and aircraft deliveries reaching about 120 units.
Bombardier, which reports in U.S. dollars, says its net income swung to US$139 million or six cents per share in the quarter, from a net loss of US$223 million or 13 cents per share a year earlier.
On an adjusted basis, it lost US$137 million or six cents per share, an improvement from an adjusted loss of US$238 million or 11 cents per share in the second quarter of 2020.
Revenues for the three months ended June 30 increased 25 per cent to US$1.52 billion from US$1.22 billion as aircraft sales surged 57 per cent to US$1.21 billion with deliveries increasing to 29 aircraft, reflecting strong demand for large jets.
Analysts on average expected Bombardier to report an adjusted loss of six cents per share on US$1.31 billion of revenues, according to financial data firm Refinitiv.
-- This report by The Canadian Press was first published on Aug. 5, 2021.