Bombardier’s third-quarter revenue rises 12% on services business boost

(Reuters) – Bombardier (OTC:BDRBF) said on Thursday its third-quarter revenue rose 12%, helped by strong demand for business jet parts and repairs.

Business jet makers are increasing their order backlogs as they benefit from a wave of interest from wealthy travellers that has continued since the COVID-19 pandemic.

Despite an 18-day strike in July at one of its Canadian facilities, Bombardier delivered 30 jets during the third quarter ending September, compared with 31 aircraft a year earlier.

The Challenger jet maker reported cash burn, a metric closely watched by investors, of $127 million during the quarter, compared with a positive cash flow of $80 million in the same period last year.

Bombardier maintained its full year forecast for jet deliveries of 150 to 155 aircraft.

Revenue from the company’s services business rose 28% in the third quarter to $528 million.

Montreal-based Bombardier reported quarterly revenue of $2.07 billion, compared with $1.86 billion a year earlier.

On an adjusted basis, it earned 74 cents per share in the third quarter, compared with 73 cents per share in the same period last year.