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Bombardier, Embraer gain ground in latest earnings reports

Earnings season for aircraft makers continued on Thursday with Bombardier and Embraer giving updates on their respective second-quarter results. Bombardier celebrated a stronger balance sheet with reduced debt as the company also lauded the launch of the Global 8000 business jet at the European Business Aviation Convention and Exhibition (EBACE).PREVIOUS STORY: Bombardier Global 8000 unveiled at EBACE as fastest business jet in the sky The Canadian aircraft maker reported quarterly revenue of $1.6 billion, a 22% increase year to year, with 28 aircraft deliveries. The company raised its full-year guidance on free cash flow, now expected to be greater than $515 million for the year, up from greater than $50 million. Bombardier linked the stronger guidance to savings on better interest savings and updated guidance on aircraft deliveries, revenue and profit margins.RELATED STORY: Textron, Gulfstream earnings show more backlog in aircraft orders Like virtually every aircraft maker dealing with swelling backlogs, Bombardier said a strong second-quarter order intake led to a book-to-bill ratio of 1.8 and a 37% backorder increase year to year of 37%. "It's been a fantastic second quarter for us - strong demand for business jets has carried through and our team has converted opportunities to grow our backlog significantly," said Bombardier President and CEO Éric Martel. "Our performance on free cash flow has demonstrated that we have set the right foundation to be cash positive and deliver on our commitments. We have also strengthened our balance sheet to further enhance our resilience and predictability." Brazilian aircraft maker Embraer said in its earnings report that its backlog order ended the second quarter at $17.8 billion - a jump of more than $10 billion, year to year. The company's guidance on financial status and deliveries for the rest of 2022 remained unchanged. Embraer's consolidated gross profit margin grew 22.9% on top of the 18.2% margin reported one year prior, which the company attributed to "product mix, pricing increase and overall operational performance, including tax efficiencies."RELATED STORY: Embraer sees drop in deliveries for Q1 2022 The company's adjusted net income was reported at $39.4 million with earnings per share of $0.40. Embraer said it reduced its debt load by 17.5%, quarter to quarter. In addition to 11 commercial jets, the company reported delivering 21 executive aircraft in the quarter, 12 light jets and 9 mid-size jets. That's up from the first quarter, when Embraer delivered 14 jets in total, six commercial and eight executive jets.
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