Bombardier Inc. reports developments tied to its business-jet portfolio, aircraft services, financial performance, capital structure and shareholder governance. Company news commonly covers the Global and Challenger families, including the Global 8000, Global 6500 and Challenger 3500, as well as aircraft displays, customer outreach and product-positioning updates in key business aviation markets.
Bombardier also issues updates on operating results, backlog, services activity, free cash flow guidance, debt redemptions, senior note financing and annual shareholder voting matters. Its disclosures describe a manufacturer and service provider that designs, builds, modifies and maintains aircraft for private, corporate, government and military customers, with production and completion facilities in North America and a global service network.
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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.