Bombardier's business jet profits soar in Q3
During its latest earnings call, Bombardier reported that despite their business jet division's revenues being down 17% year over year, its profits have risen by 11% to $93 million.
The manufacturer's Challenger and Global lines continue to lead sales for the company whilst Learjet sales remain "soft" according to Bombardier CEO, Alain Bellemare. "This is consistent with previous years, and it will look much the same going forward" he added.
Bombardier's third quarter saw it deliver 31 business jets, only 4 of which have been in the Learjet line. The remainder was made up of 18 Challengers and 9 planes out of its flagship Global line. In 2016 the company had delivered 36 jets in the third quarter. In total, the company has delivered 96 business jets so far this year, 13 less than at this point last year.
We are on track to reach our guidance of approximately 135 aircraft as we head into the seasonally strongest quarter of the year.
Alain Bellemare, CEO, Bombardier
The delivery of 135 aircrafts by the end of the year would mean a 15% dip in deliveries in the 4th quarter compared to last year. Bombardier would then deliver 28 airplanes less than it had last year.