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Bombardier has emerged as a pure-play business jet maker after divesting assets, including its transportation business to Alstom (PA:ALSO) in January, to pay down debt and boost earnings.
The corporate aircraft maker announced early results on Monday after contesting a bondholder’s claims that its recent sales of non-core assets breach the terms of certain notes.
Montreal-based Bombardier said it would seek bondholders’ consent to amend terms on eight bond issues.
Bombardier’s first-quarter adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose to $123 million, in the first quarter ended March 31, from $86 million, a year earlier.
Deliveries of its flagship Global 7500 jets rose to eight aircraft in the quarter from six, a year earlier.
The company said it remains on track to deliver between 110 and 120 business aircraft in 2021. Bombardier’s full-year deliveries fell 20% to 114 jets in 2020.
Business jet revenue increased by 18% to $1.3 billion in the quarter.
