Bombardier marked one of its strongest quarters in years in the second quarter with a 1.8:1 book-to-bill, 50 percent jump in year-over-year revenues to $1.5 billion, and 45 percent increase in deliveries that included 11 Global 7500s. As a result, the Montreal-headquartered, pure-play business jet maker gave a rosier outlook for the year of an anticipated 120 deliveries versus the original projection of somewhere in the 110 to 120 range and $5.8 billion in revenues versus $5.6 billion.

Also encouraging to executives is significant progress made in its debt, reducing the maturities due over the next three years by some 75 percent with $1 billion remaining, an amount that it said will enable it to “more effectively focus on the execution of its strategy.” Through asset sales, cost-cutting, debt restructuring, and other measures, Bombardier has been able to reduce its gross debt by $2.7 billion this year

Announcing the second-quarter results Thursday morning, Bombardier president and CEO Éric Martel called the second quarter “exceptional on all fronts” and said he would summarize it as “much better—better revenues, better profitability, better cash generation, better service revenues, and perhaps most importantly, better aircraft sales.”

Bombardier delivered 29 aircraft from April through June of this year, up from 20 in the same period a year ago, at the height of the global pandemic. In addition to the 11 Global 7500s, the totals from the most recent quarter included six others in the Global family, nine Challengers, and three Learjets. A year earlier, nine Globals were handed over, along with nine Challengers and two Learjets.

In the first half, deliveries have increased to 55 (33 Globals, 18 Challengers, and four Learjets), up from 46 (18 Globals, 23 Challengers, and five Learjets) in the same six months last year. Despite the ramp-up in Global 7500 deliveries, backlog maintained steady at $10.7 billion throughout this year, with strong sales coming across all of the company’s aircraft portfolio and production nearly sold out for the year.

While upping Bombardier’s delivery estimates to the top of the previously announced range and encouraged by the strong business jet market, Martel said the company was not yet ready to adjust its production plans. “We're really focused on filling the backlog, making it more predictable…We also have to be humble. The market is very strong right now, but…sometimes things can change rapidly. So, we have to be careful and assess also the impact of what's happening right now.”

Speaking later to reporters, he acknowledged that there have been all kinds of challenges in the supply chain, including with transportation and logistics, but didn’t see any impact in its ability to meet the 120 projected deliveries this year.

As far as market demand, Martel said he saw momentum carrying forward into the third quarter but that it would be “quieter” than the second, finishing strong by year-end. Sales have been particularly strong in North America, but fleet sales have gained momentum, and Bombardier is seeing some new customers coming into the market.

Also bolstering Bombardier’s performance for the quarter was $295 million from services, a 29 percent year-over-year gain as business jet flying rebounded. Bombardier “received the keys to our Singapore service center expansion” in the second quarter with construction complete on a project that nearly quadruples its size there, Martel said, adding, “We're now turning our focus to staffing and operationalizing the center.” Expansion projects in the UK, Australia, and Miami remain on track, he added.