Bombardier has just reported its fourth-quarter and full-year 2020 results, provided guidance for 2021 and outlined a number of actions to drive profitability and productivity as the Company focuses exclusively on designing, building and servicing the world’s best business jets.
“With our strategic repositioning now complete, we are very excited to embark on our journey as a pure-play business jet company,” said Éric Martel, President and Chief Executive Officer, Bombardier Inc. “Our unmatched product portfolio, world-class customer services network, and incredibly talented employees give us a strong foundation to build upon. We are encouraged by our momentum in the fourth quarter and are confident in the actions we are taking to navigate through the pandemic and better position the Company for a market recovery.”
Overview 2020 Financial Performance
Revenues from Business Aircraft activities reached $5.6 billion in 2020, reflecting a 3% year-over-year improvement, driven by the ramp-up in Global 7500 deliveries, which reached a record 16 deliveries in the fourth quarter, partially offset by the significant impact of COVID-19 on other programs and services revenues.
Adjusted full year EBITDA and adjusted EBIT(1) for continuing operations of $200 million and $(211) million, respectively, reflect the impact of the COVID-19 pandemic on deliveries and services, as well as a lower contribution of early Global 7500 units. Reported EBIT of $0.9 billion reflects the accounting gains on disposals of the CRJ and aerostructures businesses.