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Joining the list of business aircraft manufacturers to report strong earnings in the third quarter of 2023 is Canadian-based Bombardier. The company reported on Thursday revenue of $1.9 billion for the quarter, a year-to-year jump of 28%.
Bombardier leadership cited strong aircraft sales and aftermarket growth for the gains, delivering 31 private jets in the quarter, six more than in the third quarter of 2022.
The company remains on track toward full-year guidance. Its aftermarket section grew 11% year to year, raking in $414 million in revenue. Year-over-year operating profitability for the quarter, with adjusted EBITDA, grew by 36% to $285 million with an adjusted EBITDA margin of 15.4%.
The third quarter of 2023 ended with a backlog of $14.7 billion for Bombardier, with a book-to-bill ratio of 1.1.
"When we reshaped Bombardier, we set out to build a resilient business that performs in any marketplace. Today, our results demonstrate we are there," Bombardier President and CEO Éric Martel said in a release. "Quarter after quarter, Bombardier has delivered convincing results and we are well on our way to meet 2023 deliveries target and further increase delivery output in the future."RELATED STORIES:Bombardier gives update on Global 8000 as Global 7500 reaches milestone Bombardier reveals EcoJet phase 2 testing progressDuring the quarter, Bombardier delivered its 150th Global 7500 business jet. The Global 7500 has now surpassed 100,000 hours of flying, Martel said last month at NBAA-BACE. The milestone aircraft was delivered last month to an undisclosed customer.Global 7500 entered into service in late 2018 and has a fleet dispatch reliability of 99.8%, according to its manufacturer.RELATED STORY: Major business jet makers post strong earnings with stable backlogs - Is it time to consider the 2024 aircraft market?
Among other aircraft OEMs, Textron reported strong earnings and raised its outlook considerably. Its earnings per share rose 30% from a year ago in the third quarter, finishing at an adjusted $1.49. The full-year EPS outlook was bumped from $5.45 to $5.55.
For Textron's aviation sector, which includes a handful of well-known brands and models, including the Cessna Citation series, revenues were $1.3 billion, up $171 million from last year's third quarter, reflecting higher volume and mix of $89 million and higher pricing of $82 million. Textron's aviation backlog at the end of the third quarter was worth $7.4 billion.
General Dynamics' Gulfstream Aerospace division booked $2.9 billion in new orders during the third quarter, growing its backlog north of the $20 billion mark. Its book-to-bill for the third quarter was 1.4x, and its backlog has grown by 72% since the end of 2020.
However, the company has now completed 15 Gulfstream G700 aircraft as the company awaits FAA certification to deliver them.
Brazilian aircraft maker Embraer reported last week that it achieved double-digit delivery growth for a second consecutive quarter, putting 43 jets in the hands of customers during the third quarter, a year-over-year gain of 30% when 33 planes were delivered.