Bombardier’s quarterly revenue beats on services business boost

Bombardier's third-quarter revenue beat analysts' estimates on Thursday, helped by strong demand for business jet parts and repairs. But the manufacturer of Challenger and Global jets reported cash burn, a metric closely watched by investors, of $127m during the quarter, compared with positive cash flow of $80m in the same period last year. Shares of Bombardier were down 1.2% in morning trading. CFO Bart Demosky told analysts he expected strong free cash flow performance in the fourth quarter. The order backlogs of business jet makers are growing as they benefit from a wave of interest from wealthy travellers and fleet operators that has continued since the COVID-19 pandemic. “The market is well balanced and is proving to be resilient,” CEO Eric Martel told analysts. But Montreal-based Bombardier, like other planemakers, continues to wrestle with supply chain snags, particularly on engines, even as Martel said other parts like windshields have improved.<br/>