Canadian business jet maker Bombardier (BBD) has reported a first-quarter profit on increased sales of its private airplanes.
The Montreal-based company reported earnings per share (EPS) of $1.06. Analysts, on average, had expected a loss of -$0.04 a share in Q1, according to Refinitiv data.
Bombardier’s net income in the quarter was $113 million compared to a loss of -$69 million a year earlier.
The company said its Q1 print was helped by the fact that it delivered 22 business jets during the quarter.
Bombardier also reported improved operating margins and a 17% rise in quarterly revenue to $1.5 billion on more deliveries of medium and large-cabin corporate jets.
The company said it saw a temporary pause in orders for its private airplanes at the end of March due to the U.S regional banking crisis. Activity has since returned to normal.
Bombardier currently has an order backlog worth nearly $15 billion.
The stock of Bombardier has gained 89% in the last 12 months to trade at $61.38 per share.
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