Bombardier Announces Preliminary Full-Year 2022 Financial Results

MONTRÉAL, Jan. 17, 2023 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) today unveiled preliminary 2022 financial results, highlighting areas for which it expects to exceed full-year guidance. The company will release its fourth quarter and full-year 2022 results as scheduled on February 9, 2023, and will also hold a live webcast and conference call for investors at 8:00 a.m. EST that same day. The webcast and relevant financial charts will be available at ir.bombardier.com.

Preliminary full-year 2022 results(1)

Continuing operations onlyExpected Results for 12-month period ended
December 31, 2022
Updated 2022 Full-Year Guidance(2)
Aircraft deliveries
(in units)
123>120
Revenues~ $6.9 billion> $6.5 billion
Adjusted EBITDA(3)~ $930 million> $825 million
Adjusted EBIT(3)~ $510 million> $375 million
EBIT~ $535 millionn/a
Free cash flow(3)~ $735 million> $515 million
Cash flows from operating activities~ $1,070 millionn/a
Net additions to PP&E
and intangible assets
~ $335 millionn/a


Preliminary full year results on non-guided metrics include a full-year 2022 unit book-to-bill(4) of ~ 1.4, year-over-year order backlog growth to ~ $14.8 billion, and adjusted liquidity(3) of ~ $1.7 billion. Adjusted liquidity at year-end includes cash and cash equivalents of ~ $1.3 billion plus certain restricted cash supporting various bank guarantees of ~ $0.4 billion. Adjusted liquidity excludes the secured revolver facility previously announced in November 2022, which remains undrawn.

(1) See the forward-looking statements disclaimer hereinafter.
(2) An update to 2022 full-year Guidance was announced in Bombardier’s second quarter 2022 financial results press release dated August 4, 2022.
(3) Non-GAAP financial measure. A non-GAAP financial measure is not a standardized financial measure under the financial reporting
framework used to prepare our financial statements and might not be comparable to similar financial measures used by other issuers. Refer
to the Caution regarding Non-GAAP financial measures section hereinafter for definitions of these metrics and reconciliations to the most comparable IFRS measures.
(4) Defined as net new aircraft orders in units over aircraft deliveries in units.

The selected preliminary and unaudited full-year 2022 financial results included in this press release are an estimate and are based on information available as of January 16, 2023, and management’s initial review of operating results for the year ended December 31, 2022. These preliminary results are subject to further changes upon completion of Bombardier’s standard year-end closing procedures. The preliminary information herein is subject to revision as the company prepares its annual financial statements, and as Bombardier’s independent auditors conduct their year-end audit thereof. This update should not be viewed as a substitute for Bombardier’s full audited annual results and does not present all necessary information for an understanding of Bombardier’s financial condition as of the date of this release, or its results of operations for the year ended December 31, 2022. As Bombardier completes its year-end financial close process and finalizes its financial statements for the year ended December 31, 2022, it is possible that Bombardier may identify items that require it to make adjustments to the preliminary financial results set forth herein above and those changes could be material. The preliminary expected financial information set forth herein above constitutes forward-looking statements, upon which you should not place undue reliance because they may prove to be materially inaccurate. Bombardier does not intend to update such financial information prior to release of its final fourth quarter and full-year 2022 results scheduled for February 9, 2023.

About Bombardier

Bombardier (BBD-B.TO) is a global leader in aviation, focused on designing, manufacturing, and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance, and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments, and private individuals. Bombardier aircraft are also trusted around the world in government and military special-mission roles leveraging Bombardier Defense’s proven expertise.  

Headquartered in Greater Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network services the Learjet, Challenger and Global families of aircraft, and includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China and Australia.  

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, as well as the company’s plans to cover all its flight operations with Sustainable Aviation Fuel (SAF) utilizing the Book and Claim system visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com. Follow us on Twitter @Bombardier.   

Bombardier, Learjet, Challenger and Global are registered or unregistered trademarks of Bombardier Inc. or its subsidiaries.

Magellan Aerospace Applauds F-35 Aircraft Announcement by Canadian Government

Canada will purchase 88 F-35As for the Royal Canadian Air Force (Photo Credit : Lockheed Martin)

Canada will purchase 88 F-35As for the Royal Canadian Air Force (Photo Credit : Lockheed Martin)

January 10, 2023

TORONTO–(BUSINESS WIRE)–Magellan Aerospace Corporation (“Magellan”) applauds the Government of Canada’s announcement that it has reached a final agreement to acquire 88 F-35 fighter jets for the Royal Canadian Air Force. By selecting the F-35, Canada is continuing a relationship that was established between the original partnering nations for the development of the F-35.

The announcement secures significant benefits to the Canadian aerospace industry. To date, Canadian companies have been awarded high value contracts as part of the F-35 global supply chain amounting to $2.7 billion USD as a result of Canada’s partnership in the F-35 program. The Canadian economy is anticipated to benefit by more than $16.9 billion CAD over the life of the program. The actions taken by the government on the F-35 program will continue to deliver economic and technical advantages to Canada for decades to come.

As an international partner on the program, Canada’s aerospace industry has had many first-of-a-kind opportunities to work directly on F-35 production and provided companies the leverage to adopt some of the most advanced technologies in the world. The formal F-35 selection secures Canadian industry’s investment in the program and is expected to facilitate access to future sustainment opportunities.

Magellan sends congratulations to the Lockheed Martin team. Magellan has provided complex structural assemblies and other components for the global F-35 program since the initial system design and development phase.

Magellan is excited to continue its participation on the F-35 program that includes eight international partners — the U.S., United Kingdom, Italy, Netherlands, Australia, Norway, Denmark, and Canada. Nine Foreign Military Sales customers are also procuring and operating the F-35 ­— Israel, Japan, South Korea, Poland, Belgium, Singapore, Finland, Switzerland, and Germany.

About Magellan Aerospace Corporation
Magellan Aerospace Corporation is a global aerospace company that provides complex assemblies and systems solutions to aircraft and engine manufacturers, and defence and space agencies worldwide. Magellan designs and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, advanced proprietary products for military and space markets, and provides engine and component repair and overhaul services worldwide. Magellan is a public company whose shares trade on the Toronto Stock Exchange (TSX: MAL), with operating units throughout North America, Europe, and India.

Statement from Éric Martel, President and Chief Executive Officer, Bombardier

MONTRÉAL, Dec. 21, 2022 (GLOBE NEWSWIRE) — Today’s geopolitical landscape is complex, and countries around the world are developing technologies to defend their borders and sovereignty in the face of emerging threats. In Canada, we can be proud that our aerospace clusters and industries have developed products and tools that not only compete on the world defense stage, they shine thanks to our talented workforce. A key example, one I would hope all Canadians know about, are the made-in-Canada Global series aircraft currently flying government missions on behalf of allied nations.

This year alone, Bombardier has sold and delivered Global series aircraft to multiple governments, armed forces and special mission integrators for a variety of surveillance and other missions. Over the last decade, Global series aircraft have been evaluated and chosen in the U.S., U.K. Germany, Sweden, and many more countries—having established an excellent track record.

As President and CEO of Bombardier, I want to publicly share my concern that Canada, which is facing an important choice about the airborne surveillance of its vast borders, may be considering awarding a sole-source contract directly to Boeing.

With special mission equipment getting smaller and smaller as technology progresses, we at Bombardier firmly believe that the Global 6500 aircraft will be the right-sized solution and will respond to Canada’s needs, thanks to its:

  • Longer range offering, endurance and proven reliability.
  • Next-generation engines and a leading aerodynamic profile that contributes to excellent operating costs and, more importantly, a lower carbon footprint.

A Canadian Multi-Mission Aircraft (CMMA) tender, open to diverse proposals, would be an opportunity for Canada to re-think its surveillance capabilities. A Canadian-built option should, and must, be considered on equal footing with those of foreign companies who have, in the past, directly, attacked our home-grown aircraft programs.

Canada has the skills, the industrial footprint and the technological capabilities to succeed in this sphere and become more than an exporter of technology. This is the ultimate opportunity for Canadians to look to the skies and proudly trust a Canadian-built aircraft to defend our borders and support our allies.

On behalf of its more than 10,000 talented employees in Ontario and Quebec, Bombardier and its growing Defense team, along with its skilled partners, would be proud to put forward a made-in-Canada solution to compete in a Canadian Multi-Mission Aircraft (CMMA) tender, should Canada give us the opportunity to do so. 

About Bombardier

Bombardier is a global leader in aviation, focused on designing, manufacturing and servicing the world’s most exceptional business jets. Bombardier’s Challenger and Global aircraft families are renowned for their cutting-edge innovation, cabin design, performance and reliability. Bombardier has a worldwide fleet of approximately 5,000 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals. Bombardier aircraft are also trusted around the world in special-mission roles.

Headquartered in Montréal, Québec, Bombardier operates aerostructure, assembly and completion facilities in Canada, the United States and Mexico. The company’s robust customer support network includes facilities in strategic locations in the United States and Canada, as well as in the United Kingdom, Germany, France, Switzerland, Italy, Austria, the UAE, Singapore, China, and Australia.

For corporate news and information, including Bombardier’s Environmental, Social and Governance report, visit bombardier.com. Learn more about Bombardier’s industry-leading products and customer service network at businessaircraft.bombardier.com

FLYHT Mourns the Unexpected Passing of Bill Tempany, Interim CEO, Director, Entrepreneur and Software Industry Visionary

Calgary, Alberta – December 21, 2022 – FLYHT Aerospace Solutions Ltd. (TSX-V: FLY) (OTCQX: FLYLF) (the “Company” or “FLYHT”) today regrets to announce that William T. “Bill” Tempany, the Company’s Interim CEO and a member of the Company’s Board of Directors, passed away unexpectedly on December 20, 2022.

The Board of Directors issued the following statement: “We are deeply saddened by the untimely passing of Bill Tempany. Our hearts go out to Bill’s family, friends, and his beloved and loyal team. He was truly a larger-than-life figure and a software and aviation pioneer, who enjoyed a long and distinguished career as a serial entrepreneur including leading the capital pool which initially took FLYHT public in 2003. Bill re-assumed the CEO role at FLYHT just over two years ago and quickly refocused the Company on a software-first strategy, introducing the Actionable Intelligence suite of solutions to help the aviation industry operate more efficiently. While we take a moment to grieve and reflect, we remain laser-focused on safeguarding Bill’s legacy and building on the fantastic momentum he generated over the past couple of years.”

Nina Jonsson, FLYHT’s Executive Chairman, added, “Bill viewed the success of FLYHT as an important life mission and leaves the company in excellent hands. Under Bill’s leadership and dedication, FLYHT developed the Edge family of products that incorporates over 20 years of intellectual property development bundled in a 5G capable aviation solution. Perhaps Bill’s greatest legacy is his hand-picked bench of talent. For the past two years he steadfastly retained the ‘Interim’ title while he focused on strategy, M&A and capital markets.”

The Company has named Kent Jacobs, President, as Interim Chief Executive Officer. Mr. Tempany had promoted Mr. Jacobs in November 2021, to oversee day-to-day operations and to launch and commercialize the Edge. Mr. Jacobs is an aviation industry veteran of more than 25 years, and has worked side by side with Mr. Tempany for over two decades. He holds a B.Sc. in Computer Science from the University of Calgary and was also a commercial pilot, flying charters for several years. Mr. Jacobs was instrumental in the design and commercialization of FLYHT’s launch products, the AFIRS 220 and UpTime.

“Today is a sad day as I mourn the loss of my friend and mentor. I am honored and committed to carrying forward his remarkable legacy,” said Kent Jacobs.

About FLYHT Aerospace Solutions Ltd.

FLYHT provides airlines with Actionable Intelligence to transform operational insight into immediate, quantifiable action, and delivers industry leading solutions to improve aviation safety, efficiency, and profitability. This unique capability is driven by a suite of patented aircraft certified hardware products. These include AFIRS™, an aircraft satcom/interface device, which enables cockpit voice communications, real-time aircraft state analysis, and the transmission of aircraft data while inflight. The AFIRS Edge is a state-of-the-art 5G Wireless Quick Access Recorder (WQAR), Aircraft Interface Device (AID), and Aircraft Condition and Monitoring System (ACMS). The Edge can be interfaced with FLYHT’s TAMDAR probe or the FLYHT-WVSS-II relative humidity sensor to deliver airborne weather and humidity data in real-time.

CrossConsense, FLYHT’s wholly owned subsidiary, offers highly skilled services to the commercial aviation industry and provides preventative maintenance solutions. These include Aircraft Fleet View, a native application that gives a real-time view of airline fleet status; AviationDW, a managed data warehouse for enhanced business intelligence; and ACSIS, a visualization and predictive maintenance alerting tool.

FLYHT is headquartered in Calgary, Canada, and is an AS9100 Quality registered company. CrossConsense, located in Frankfurt, Germany, is an ISO9001 certified operation. For more information, visit www.flyht.com.

Porter Airlines Takes Delivery of Their First Embraer E195-E2

SÃO JOSÉ DOS CAMPOS, Brazil and TORONTO, Dec. 21, 2022 /CNW/ – The first two of 50 Embraer E195-E2 ordered by Porter Airlines have been delivered in a ceremony at Embraer’s headquarters in Brazil. Porter’s new E195-E2 fleet will launch the airline’s new elevated economy experience that aims to challenge the economy offering of every North American airline, with a new level of generosity and thoughtful service not seen in contemporary economy air travel.

In the run up to the new year, Embraer will deliver a further three aircraft to Porter.

The first two of 50 Embraer E195-E2 ordered by Porter Airlines have been delivered in a ceremony at Embraer’s headquarters in Brazil. (CNW Group/Porter Airlines)

Porter, the North American launch customer for Embraer’s E195-E2, is opening up operations throughout North America, including to the west coast, southern U.S., Mexico and the Caribbean. The aircraft will initially be deployed from Toronto Pearson International Airport, with Halifax, Montreal and Ottawa also seeing new services with the E195-E2. Porter has chosen to configure the 146-seat aircraft in a comfortable 132-seat all-economy configuration, with a variety of seat pitches on offer for their guests: 36, 34, and 30 inches.

“The official delivery of these aircraft is the beginning of a new era for Porter,” said Michael Deluce, president and CEO, Porter Airlines. “The E195-E2 enables us to reach across the continent, beyond our Eastern Canada roots, while introducing a level of service for economy air travellers that no other North American airline provides. It’s an enhanced experience that builds on our reputation for providing an elevated level of service to every passenger at reasonable prices in a single class of service. The first planes are ready to fly to Canada later this month before going into regular service in February.”

Arjan Meijer, president and CEO, Embraer Commercial Aviation, said, “Porter is focused on delivering what we all want – making the air travel experience a pleasure rather than a pain. Along with their exciting levels of service and generosity, Porter’s entire fleet is also without the dreaded middle seat, and will also satisfy the sustainability needs of Porter’s guests. The E195-E2 is the most environmentally-friendly single-aisle aircraft, at 65% quieter and up to 25% cleaner than previous-generation aircraft. It has the lowest fuel consumption per seat and per trip among 120- to 150-seat aircraft, and is the quietest single-aisle jet flying today.”

In total, Porter has orders with Embraer for up to 100 E195-E2 aircraft; 50 firm commitments and 50 purchase rights. In 2021, Porter ordered 30 Embraer E195-E2 jets, with purchase rights for a further 50 aircraft, worth US$5.82 billion at list price, with all options exercised. A firm order for a further 20 aircraft followed in 2022, valued at US$1.56 billion.

About Porter

Since 2006, Porter Airlines has been elevating the experience of economy air travel for every passenger, providing genuine hospitality with style, care and charm. Porter’s fleet of Embraer E195-E2 and De Havilland Dash 8-400 aircraft serves a North American network from Eastern Canada. Headquartered in Toronto, Porter is an Official 4 Star Airline® in the World Airline Star Rating®. Visit www.flyporter.com or follow @porterairlines on Instagram, Facebook and Twitter.

Island Aviation Orders Two De Havilland Canada Twin Otter Series 400 Aircraft

Launch of service from Manila will signal the return of Twin Otter operation to the Philippines

CALGARY, AB, Dec. 20, 2022 /CNW/ – De Havilland Aircraft of Canada Limited (“De Havilland Canada”) announced today that Island Aviation, Inc. has signed a firm purchase agreement to acquire two new Twin Otter Series 400 aircraft. Founded in 2003 as A. Soriano Aviation, Inc., Island Aviation is a charter airline based in the Philippines.

Twin Otter Series 400 (CNW Group/De Havilland Aircraft of Canada)

“We selected the Twin Otter to support our operations because of its long record of in-service reliability and low operating cost,” said Captain Emmanuel (“Butch”) Generoso, Chief Operating Officer, Island Aviation, Inc. “We are looking forward to the re-introduction of Twin Otters to our fleet where they will service the exclusive resort, Amanpulo with flights from Manila.

“De Havilland Canada is delighted to see the Twin Otter return to operation in the Philippines after a long absence and with such an experienced and well-regarded operator as Island Aviation,” said Philippe Poutissou, Vice President, Sales and Marketing, De Havilland Canada.

About Twin Otter Aircraft

The Twin Otter has earned a reputation around the globe for its versatility and reliability in a variety of extreme environments. From executive and private travel, to commercial operations in some of the most challenging conditions on earth, the number of operators and breadth of industries supported by the Twin Otter are a testament to its flexibility and durability.

The Twin Otter also boasts unrivaled versatility within each of its many operational applications. As a regional connectivity transportation solution, it is used worldwide for island hopping and commuter travel, offering flexible quick-change interior options in its configurable 19-passenger cabin. Additionally, its robust fuselage, convertible cabin and exceptional performance capabilities allow for effective industrial support, critical infrastructure, environmental monitoring, special missions, and cargo transport operations.

The Twin Otter Series 400 provides the versatility, flexibility and performance to satisfy a wide variety of operational requirements. More than 140 Twin Otter Series 400 aircraft have been delivered to customers around the world.

About De Havilland Aircraft of Canada Limited

With more than 5,000 aircraft delivered, De Havilland Aircraft of Canada Limited (De Havilland Canada) is well established across the globe and our talented team of aviation professionals is dedicated to advancing our near-100-year reputation for excellence in innovation, production and customer support. Our aircraft operate reliably in some of the world’s harshest climates and provide vital connections between rural communities and urban centres – transporting essential cargo and millions of passengers annually. Our aircraft also support a wide variety of special mission operations including aerial firefighting, search and rescue, medical evacuation, reconnaissance and coastal surveillance. In February 2022, De Havilland Canada became the operating brand for the companies that previously operated as Longview Aviation, Viking Air Ltd, Pacific Sky Training and De Havilland Canada. https://dehavilland.com

WestJet Joins De Havilland Component Solutions Program to Enhance Support to Its Fleet of Dash 8-400 Aircraft

CALGARY, AB, Dec. 19, 2022  /CNW/ – De Havilland Aircraft of Canada Limited (“De Havilland Canada”) today announced that it has signed a De Havilland Component Solutions Program (“DCS Program”) agreement with WestJet Encore Ltd. Under the agreement, De Havilland Canada will manage component maintenance, repair and overhaul (MRO) services for the airline’s fleet of Dash 8-400 aircraft and provide access to De Havilland Canada’s strategically located exchange pool.

De Havilland Canada Dash 8-400 aircraft (CNW Group/De Havilland Aircraft of Canada)

“The DCS Program offers the cost predictability that is so important in airline management, and we also look forward to benefitting from access to De Havilland Canada’s expertise in warranty administration, planning and supplier management to enhance the operations of our Dash 8-400 aircraft,” said Lisa Davis, Vice-President and General Manager, WestJet Encore.

“With the addition of WestJet to the DCS Program, our support to the fleet of Dash 8-400 aircraft in North America is significantly increased and includes the two largest operators on the continent,” said Leighton Storsley, Vice President, Aftermarket and Business Development, De Havilland Canada. “We thank WestJet for affording us this opportunity to manage this aspect of the airline’s component MRO services.”

About the De Havilland Component Solutions (DCS) Program

The DCS program supports the operation of Dash 8-400 aircraft by ensuring cost-effective repair solutions and global accessibility to over a thousand different aircraft components positioned at strategically located distribution centers and at some customers’ operating hubs. The program, which is designed to meet the growing demand for customized repair solutions, accommodates each customer’s requirements and environment. With its low carbon footprint, low operating costs, industry-leading passenger experience and jet-like performance, the Dash 8-400 aircraft, which seats up to 90 passengers, is the environmentally responsible choice for operators seeking optimal performance on regional routes. More than 200 Dash 8-400 aircraft are enrolled or under contract with the DCS program.

About the WestJet Group of Companies 

In 26 years of serving Canadians, WestJet has cut airfares in half and increased the flying population in Canada to more than 50 per cent. WestJet launched in 1996 with three aircraft, 250 employees and five destinations, growing over the years to more than 180 aircraft, 14,000 employees and more than 110 destinations in 24 countries.

For more information about everything WestJet, please visit www.westjet.com.

About De Havilland Aircraft of Canada Limited

With more than 5,000 aircraft delivered, De Havilland Aircraft of Canada Limited (De Havilland Canada) is well established across the globe and our talented team of aviation professionals is dedicated to advancing our near-100-year reputation for excellence in innovation, production and customer support. Our aircraft operate reliably in some of the world’s harshest climates and provide vital connections between rural communities and urban centres – transporting essential cargo and millions of passengers annually. Our aircraft also support a wide variety of special mission operations including aerial firefighting, search and rescue, medical evacuation, reconnaissance and coastal surveillance. In February 2022, De Havilland Canada became the operating brand for the companies that previously operated as Longview Aviation, Viking Air Ltd, Pacific Sky Training and De Havilland Canada. https://dehavilland.com

De Havilland Canada, Dash 8-400, DCS and De Havilland Component Solutions are trademarks of De Havilland Aircraft of Canada Limited.