April 30 (Reuters) – Canadian business jet manufacturer Bombardier on Thursday beat Wall Street estimates for first-quarter profit, helped by robust demand for repair and maintenance services and an additional plane delivery compared with a year earlier.
Its revenue from the services soared 25% year-on-year to $617 million due to strong demand for parts and maintenance of its expanding global jet fleet, especially in the U.S.
Private aviation has generally remained resilient despite jet fuel prices soaring due to the Middle East conflict.
The plane maker generated $360 million in free cash flow – a key metric watched by investors – during the quarter, its highest for a first quarter in nearly two decades, CEO Eric Martel said in a statement. The free cash flow marked a swing from $304 million used in the year-ago quarter.
Bombardier raised its full-year 2026 free cash flow outlook to more than $1 billion, from a previous range of $600 million to $1 billion. The company reiterated plans to deliver more than 157 planes this year.
Bombardier benefited from fresh orders for its recently certified Global 8000 ultra-long-range business jet on the back of sustained demand for private flying as it worked to ramp up production.
The Montreal-based company delivered 24 aircraft for the quarter, one more than the same period last year.
On an adjusted basis, Bombardier earned $1.81 per share in the first quarter, compared with the average of analysts’ estimates of 77 cents, according to data compiled by LSEG.
The company posted a 5% year-on-year rise in quarterly revenue of $1.6 billion, but came slightly below estimates of $1.64 billion.
(Reporting by Allison Lampert in Montreal and Aatreyee Dasgupta in Bengaluru; Editing by Leroy Leo)
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