×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: bombardier | profit increase | travelers

Bombardier Profit Jumps as Wealthy Travelers Return to Flying

Old man with white hair and protective mask look at corridor of airplane before takeoff time while sitting on his seat
(Dreamstine)

Thursday, 06 May 2021 06:44 AM

Canada's Bombardier reported a 43 increase in quarterly adjusted profit on Thursday, helped by a recovery in business aviation, as rising COVID-19 vaccinations encourage wealthy travelers to fly again.

Bombardier has emerged as a pure-play business jet maker after divesting assets, including its transportation business to Alstom in January, to pay down debt and boost earnings.

The corporate aircraft maker announced early results on Monday after contesting a bondholder's claims that its recent sales of non-core assets breach the terms of certain notes.

Montreal-based Bombardier said it would seek bondholders' consent to amend terms on eight bond issues.

Bombardier's first-quarter adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $123 million, in the first quarter ended March 31, from $86 million, a year earlier.

Deliveries of its flagship Global 7500 jets rose to eight aircraft in the quarter from six, a year earlier.

The company said it remains on track to deliver between 110 and 120 business aircraft in 2021. Bombardier's full-year deliveries fell 20% to 114 jets in 2020.

Business jet revenue increased by 18% to $1.3 billion in the quarter.

© 2021 Thomson/Reuters. All rights reserved.


StreetTalk
Canada's Bombardier reported a 43 increase in quarterly adjusted profit on Thursday, helped by a recovery in business aviation, as rising COVID-19 vaccinations encourage wealthy travelers to fly again.Bombardier has emerged as a pure-play business jet maker after divesting...
bombardier, profit increase, travelers
184
2021-44-06
Thursday, 06 May 2021 06:44 AM
Newsmax Media, Inc.
Join the Newsmax Community
Register To Comment Login To Comment
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved