Bombardier’s third-quarter revenue rises 12% on services business boost

(Reuters) – Bombardier said on Thursday its third-quarter revenue rose 12%, helped by strong demand for business jet parts and repairs.

Business jet makers are increasing their order backlogs as they benefit from a wave of interest from wealthy travellers that has continued since the COVID-19 pandemic.

Despite an 18-day strike in July at one of its Canadian facilities, Bombardier delivered 30 jets during the third quarter ending September, compared with 31 aircraft a year earlier.

The Challenger jet maker reported cash burn, a metric closely watched by investors, of $127 million during the quarter, compared with a positive cash flow of $80 million in the same period last year.

Bombardier maintained its full year forecast for jet deliveries of 150 to 155 aircraft.

Revenue from the company's services business rose 28% in the third quarter to $528 million.

Montreal-based Bombardier reported quarterly revenue of $2.07 billion, compared with $1.86 billion a year earlier.

On an adjusted basis, it earned 74 cents per share in the third quarter, compared with 73 cents per share in the same period last year.

(Reporting by Aatreyee Dasgupta in Bengaluru and Allison Lampert in Montreal; Editing by Shounak Dasgupta)