(Montreal) Bombardier reported lower profits and revenue in the first quarter, but said its order backlog grew compared with the same period last year.
The Montreal aircraft maker said Thursday it earned a profit of US$302 million, or US$2.98 per share, in the quarter ended March 31, compared with the same period a year ago.
The company's revenue was US$1.28 billion, down from US$1.45 billion in the first quarter of fiscal 2023. This represents a decline of 12%.
Despite all that, Bombardier highlighted that the number of new unit orders increased by 60% in the first quarter compared to last year. According to the company, this reflects strong demand.
The order book now stands at 14.9 billion US dollars.
Bombardier said it completed 20 aircraft deliveries in the first quarter and is still on track to meet its 2024 targets of delivering between 150 and 155 aircraft throughout the year.
On the other hand, the company said it repaid about US$100 million of debt in the first quarter.
Company in this Dispatch: Bombardier (TSX: BBD. B)
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