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Bombardier boosts free cash on private flying, shares up 5%

By Allison Lampert and Abhijith Ganapavaram (Reuters) -Business jet maker Bombardier (OTC:BDRBF) Inc on Thursday reported a smaller second-quarter loss and forecast...
Bombardier boosts free cash on private flying, shares up 5% © Reuters. FILE PHOTO: Members of the media wait to tour the interior of a new Bombardier Global 7500 business jet as the company celebrates its 10th delivery of this aircraft to VistaJet in Montreal, Quebec, Canada March 29, 2022. REUTERS/Christinne Muschi

By Allison Lampert and Abhijith Ganapavaram

(Reuters) -Business jet maker Bombardier (OTC:BDRBF) Inc on Thursday reported a smaller second-quarter loss and forecast better-than-expected annual free cash flow, helped by strong demand for private flying, but said it faces supply chain pressures.

Montreal-based Bombardier now expects 2022 free cash flow of more than $515 million, compared with its earlier forecast of over $50 million, as orders surge. Analysts, on average, had expected full-year free cash of $181.46 million, according to estimates from Refinitiv.

Business jet makers see strong demand for planes and aftermarket services, as private flying in the key U.S. market remains above pre-pandemic levels and Asia recovers, but supply chain constraints are putting pressure on deliveries.

“We do face, what I would call a crosswind on supply chain,” Chief Executive Eric Martel told a call with analysts.

Shares were up 5% in late morning trading, after jumping 12% earlier in the day.

Bombardier reiterated plans to deliver more than 120 jets this year despite the problems.

“The greater than 120 takes into account some of the risk we have ahead of us mainly driven by engines right now,” Martel said.

He later told reporters the company is working with multiple engine-makers to address "challenges."

Asked about industry chip shortages, Martel said there had been "some impact," such as the delivery of spare parts for the company's services business.

He said Bombardier was taking steps to mitigate supply chain pressure, such as by creating 500 jobs within the company for the work that was previously done by suppliers.

Bombardier's second-quarter free cash flow from continuing operations was $341 million, compared with $91 million, a year earlier.

Bombardier reported improved margins while its backlog rose by 37% on an annual basis to $14.7 billion.

Despite strong demand, there are early signs of a calming market with some brokers reporting a slight uptick in preowned aircraft.

The company's adjusted loss per share narrowed to 48 cents, in line with analysts' expectations, from a loss of $1.49 per share a year earlier.

Revenue rose to $1.56 billion from $1.52 billion for the quarter ended June 30.

The company reported long term debt of $6.28 billion.

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    EUR/USD 1.0161 ↑ Buy  
    GBP/USD 1.2066 ↑ Buy  
    USD/JPY 134.49 Sell  
    AUD/USD 0.7008 Neutral  
    USD/CAD 1.2889 ↑ Buy  
    EUR/JPY 136.64 ↑ Buy  
    EUR/CHF 0.9650 ↑ Buy  
    Gold 1,789.85 Sell  
    Silver 20.017 ↑ Sell  
    Copper 3.6208 ↑ Sell  
    Crude Oil WTI 88.69 ↑ Sell  
    Brent Oil 94.28 ↑ Sell  
    Natural Gas 9.228 ↑ Sell  
    US Coffee C 222.60 ↑ Sell  
    Euro Stoxx 50 3,792.55 ↑ Sell  
    S&P 500 4,297.14 Neutral  
    DAX 13,844.80 ↑ Sell  
    FTSE 100 7,542.10 ↑ Sell  
    Hang Seng 19,830.52 ↑ Buy  
    Small Cap 2000 2,020.40 ↑ Buy  
    IBEX 35 8,488.87 Neutral  
    BASF 44.087 ↑ Sell  
    Bayer 54.08 ↑ Sell  
    Allianz 179.39 ↑ Sell  
    Adidas 170.22 ↑ Sell  
    Lufthansa 6.726 ↑ Sell  
    Siemens AG 111.39 ↑ Sell  
    Deutsche Bank AG 8.980 ↑ Sell  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,580/ 6,680
(-10/ -10) # 1,639
SJC HCM6,600/ 6,700
(-10/ -10) # 1,659
SJC Hanoi6,600/ 6,702
(-10/ -10) # 1,661
SJC Danang6,600/ 6,702
(-10/ -10) # 1,661
SJC Nhatrang6,600/ 6,702
(-10/ -10) # 1,661
SJC Cantho6,600/ 6,702
(-10/ -10) # 1,661
Cập nhật 16-08-2022 20:26:56
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$1,775.78 -2.7 -0.15%
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Ngoại tệMua vàoBán ra
USD23.230,0023.540,00
EUR23.145,5524.441,71
GBP27.456,8428.627,78
JPY171,08181,12
KRW15,4318,80
Cập nhật lúc 18:54:08 16/08/2022
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