Bombardier has posted strong financial results for the second quarter of 2024 (Q2 2024), showcasing significant double-digit growth year-over-year across key metrics, including deliveries, revenues, services, and profitability. The company is on track to meet its 2024 full-year guidance.
Revenues for Q2 2024 rose to US$2.2 billion, up 32% year-over-year, driven by higher aircraft deliveries and a steady increase in services revenue. Aircraft deliveries reached 39 units in the quarter, representing a 34% increase year-over-year, or ten additional aircraft compared to the same quarter last year. With this robust delivery performance, Bombardier is well-positioned to meet its full-year guidance of between 150 and 155 aircraft.
The company’s Services business continued its solid performance as it fully operationalises its recently expanded network. Services contributed US$507 million to total revenues, representing an impressive increase of 18% year-over-year. The Services business is on track to achieve run rates that support the company’s objective of reaching US$2 billion in revenues by 2025.
Bombardier saw sustained demand in multiple key regions in Q2 2024, with a healthy mix throughout its portfolio of aircraft for both business jet customers and for defence and medevac solutions. Backlog reached US$14.9 billion at the end of the second quarter of 2024, fuelled by a strong order intake that yielded a unit book-to-bill of 1.0.
Bombardier continued its profitable growth trajectory in the Q2 2024, with an adjusted EBITDA of US$335 million, up 22% year-over-year, driven by a healthy delivery mix and strong Services business. The adjusted EBITDA margin was 15.2% this quarter, down 120 basis points year-over-year. Adjusted EBIT for the second quarter of 2024 was US$216 million, a 14% increase from the same quarter last year. The adjusted EBIT margin was down by 150 basis points year-over-year. Adjusted EPS for the second quarter came in at US$1.04, compared to US$0.72 in the same quarter last year.
Free cash flow usage of US$68 million for the quarter was in line with expectations, an improvement of US$154 million compared to the second quarter of 2023. Reported cash flow usage from operating activities and net additions to PP&E and intangible assets was US$31 million and US$37 million, respectively.
