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Financial results from the first quarter of 2024 are starting to roll in, and for the major private jet makers, the numbers are picking up from where they left off last year.
Bombardier, Textron and Gulfstream parent General Dynamics all issued reports this week, and Embraer did so last week, and in each case, the companies reported healthy numbers as significant book-to-build backlogs grow from the spreadsheets and pour into the factories.
For Canadian plane maker Bombardier, which also recently rolled out a refresh of its branding and doubled down on its commitment to the civilian sector, revenue grew 13% in the first three months of the year compared to 2023, totaling $1.3 billion.
RELATED: Bombardier celebrates new chapter, reveals bold new brandingThe company reported 20 aircraft deliveries and set its guidance for the year in the 150 to 155 range. Continuing its streak of credit rehabilitation, the company announced a $100 debt redemption last month and said its liquidity closed the quarter at $1.4 billion.
Bombardier reported a 60% year-to-year jump in new orders, with its aircraft backlog growing by $700 million to now weigh in at $14.9 billion, broken down as a book-to-bill ratio of 1.6.
"Our team came flying out of the gates in 2024 on soaring aircraft orders and service revenues," Bombardier CEO Martel said in a company statement. "Building our backlog, growing recurring income streams, and retiring debt have all been staples of Bombardier's solid performance and our first quarter of 2024 delivered on all three very positively."
RELATED: Gulfstream celebrates first G700 customer deliveriesMeanwhile down in Georgia, the celebration is on at Gulfstream Aerospace. The lines are humming to crank out the finally-certified G700. And those lines are going to stay humming.
The aerospace segment of General Dynamics reported $2.4 billion in orders for the first quarter as its backlog is now at $20.5 billion, a year-to-year gain of 6.2%.
"Our businesses delivered solid operating results in the quarter, growing revenue and backlog while expanding margins, even as we awaited G700 certification," CEO Phebe Novakovic said. "This is a strong start to 2024 and we remain confident in our outlook."
For the aviation division of Textron, maker of Cessna Citations and Beechcraft King Airs among other aircraft makes and models, the company brought in $1.2 billion in revenue, a 3.4% jump from last year's first quarter, or $39 million. Textron Aviation delivered 36 jets in the quarter, one more than last year. However, after delivering 34 turboprops in Q1 2023, the company shipped out only 20 for the quarter this year. Textron's backlog at the end of the first quarter was $7.3 billion.
Brazilian plane maker Embraer delivered 25 jets during the quarter, a 67% year-to-year gain over the 15 delivered in Q1 2023, marking the biggest start to the year for production in the past eight years, the company said in a release.
On the private aircraft side, Embraer reported an 83% year-to-year jump in light jet deliveries and a backlog in its executive division of $4.6 billion, a $300 million gain for the quarter.
RELATED: Elections and tax issues expected to influence 2024 aircraft sales per OGARA Report
The hot start of the year for aircraft makers mirrors that seen in the preowned business aircraft market. In a market report published last week, OGARA JETS stated that transactions in the first quarter of 2024 surpassed levels in the same period of 2023.
Its analysts said that, despite a calmer sea than in recent years, it remains a buyer's market with 10 months of supply of jets listed for sale on the market at a six-month absorption rate.