Canadian business jet maker Bombardier (TSX:BBD.B) posted a smaller quarterly loss as demand for private jets from corporations and wealthy individuals rebounded as the pandemic wanes.
Easing travel restrictions and the lure of private flights has led to a surge in business aviation, filling seats for private operators and expanding order backlogs.
Bombardier announced that its business jet revenue jumped 17% to $1.4 billion on higher deliveries of large aircraft.
Revenue from business aircraft services also rose due to increased fleet flight hours which have now surpassed 2019 levels, the company said, adding that business jet utilization in the U.S. rose 42.5% in the first eight months of 2021, compared with a year earlier.
The Montreal-based company last month unveiled an upscale variant of its Challenger 350 business jet as it vies to protect its dominant market share in the segment and capitalize on higher demand for private flying during the pandemic.
Bombardier posted an adjusted net loss of $95 million, or four cents per share, in the quarter ended September 30, compared with a loss of $210 million, or nine cents, a year earlier. The company’s revenue rose 3% to $1.45 billion.
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