Bombardier (TSX:BBD.B) has reported a 43% increase in its quarterly profit, lifted by a recovery in business aviation as wealthy travelers begin to fly again.
Aircraft manufacturer Bombardier has transformed itself into a business jet maker after divesting most of its assets, including its transportation business to Alstom, to pay down debt and boost earnings.
The Montreal-based company’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 is 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 this year’s first quarter, Bombardier said in a news release.
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