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Bombardier Inc. is a global leader in designing, manufacturing, and maintaining top-performing aircraft for a variety of industries. With a diverse portfolio of mobility solutions, Bombardier is committed to bridging distances and enabling seamless travel across the world.
From category-defining business jets and commercial aircraft to high-speed trains and smart public transit systems, Bombardier's products are at the forefront of transportation innovation. The company's recent achievements include the issuance of new Senior Notes and the strategic acquisition of German automobile association Allgemeiner Deutscher Automobil-Club.
Bombardier's dedication to excellence in aviation is highlighted by the successful pricing of US$750 million Senior Notes and the development of innovative aircraft, such as the Bombardier Challenger 650 for air ambulance services. The company's commitment to customer satisfaction and industry-leading performance sets it apart as a trusted provider of mobility solutions worldwide.
Bombardier's Board of Directors has approved a new normal course issuer bid (NCIB) for its Class B shares, set to commence in May 2023, subject to regulatory approval. This follows the early termination of the previous NCIB, which purchased the maximum allowed 880,000 shares. The new NCIB aims to buy up to 600,000 Class B shares, approximately 0.69% of the outstanding shares, with an expectation to cancel about 85,000 shares. The new NCIB will utilize various purchasing methods including open market transactions and private agreements. The specifics regarding the execution of this NCIB will be disclosed later.
Bombardier reported strong Q1 2023 revenues of $1.5 billion, a 17% year-over-year increase, bolstered by enhanced delivery mix and robust aftermarket revenues of $424 million. Adjusted EBITDA rose by 27% to $212 million, while reported net income surged to $302 million, yielding an adjusted EPS of $1.06. The company remains on track to meet its full-year delivery guidance of over 138 aircraft. Notably, Bombardier's debt reduction efforts are yielding results with approximately $400 million repaid this quarter, leading to a B2 credit rating upgrade from Moody's. The backlog stands stable at $14.8 billion, reflecting ongoing positive demand.
Bombardier Defense will showcase its aircraft solutions at the Army Aviation Mission Solutions Summit in Nashville, Tennessee, from April 26 to 28, 2023. The company will debut its virtual showroom, allowing customers to explore various configurations of the Challenger and Global aircraft families, including a Multi-Role Medevac Challenger 650, ISR-configured Global 6500, and VIP transport Global 8000.
This immersive experience aims to enhance customer engagement by providing 3-D models and a 360-degree view of the aircraft, showcasing Bombardier's customization capabilities for mission-specific needs. Vice President Steve Patrick emphasized the importance of this summit as a venue to demonstrate Bombardier's versatile aircraft, which are trusted by governments worldwide for various missions, including surveillance and transport.
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