Flying High: Bombardier's revenues rise 9%
Canadian based manufacturer, Bombardier has confirmed a 9% increase in year-on-year revenue in its first quarter of the year for its private jet division. Amounting to just over a quarter of Bombardier's revenue, the quarter saw the delivery of 31 aircrafts.
The company's current backlog sits at $14.3 billion worth of aircrafts that have been ordered but are yet to be delivered. The quarter also saw the sale of Bombardier's manufacturing facility in Toronto for $550 million to Canada's Public Sector Pension Investment Board. The facility will be replaced by a new Global manufacturing centre at Toronto's airport.
Bombardier Inc's CEO, Alain Bellemare, said the company is now halfway through its turnaround plan. The company had been hit with financial difficulties in 2016 that made the Quebec government bail them out with a $1 billion injection. In return, they obtained a 49% stake in the company''s C Series commercial airliner, a stake later diluted down when Airbus took a controlling interest in the airliner.
"We continue to deliver on our financial commitments and make solid progress executing our growth programs and strategic initiatives" said Bellemare. "We’ve successfully reached the halfway point of our turnaround plan with a strengthened balance sheet and a clear focus on execution and growth."