Bombardier Earnings: Growing Backlog and Aftermarket Demand Shape the Runway for 2024

Narrow-moat-rated Bombardier had an influx of orders in the first quarter of 2024, ending the period with a robust $14.9 billion backlog. Although deliveries were less than stellar to start the year, Bombardier continues to see strong demand for its business jets. Revenue fell 12% year over year to $1.3 billion, primarily because of delivery mix shifting toward the medium-sized Challenger series and away from the large-cabin Global series. After adjusting slightly for delivery mix expectations through 2025, we raised our fair value estimate to CAD 92 from CAD 90.