Bombardier (BBD-B) Q4 2023 earnings summary

Executive summary

• FY 2023 revenue reached $8.046B, up 16% YoY; deliveries rose to 138 from 123, and order backlog was $14.2B versus $14.8B at year-end 2022.

• Adjusted EBITDA increased 32% to $1.230B, while net income from continuing operations was $490M, reversing a $128M loss in FY 2022.

Financial highlights

• FY revenue was $8.046B versus $6.913B; adjusted EBITDA was $1.230B versus $930M, and adjusted EBIT was $799M versus $515M.

• FY adjusted net income rose to $416M from $104M; diluted EPS was $4.70 versus a loss of $1.67, and adjusted EPS was $3.94 versus $0.77.

• Q4 revenue grew 15% YoY to $3.062B; adjusted EBITDA increased 30% to $458M, and free cash flow from continuing operations was $646M versus $169M.

• FY free cash flow from continuing operations was $257M, down from $735M; operating cash flow was $623M versus $1.072B.

Outlook and guidance

• FY 2024 delivery guidance: 150–155 aircraft; revenue: $8.4B–$8.6B.

• FY 2024 adjusted EBITDA guidance: $1.30B–$1.35B; adjusted EBIT: $850M–$900M.

• FY 2024 free cash flow guidance: $100M–$400M.