(Reuters) – Business jet maker Bombardier Inc on Thursday reported a smaller quarterly adjusted loss, benefiting from higher jet demand as more wealthy travelers flew private due to the pandemic.
Corporate jet makers are reporting swelling orders, with more affluent passengers taking charter planes for safety reasons as well as fewer options with airlines cutting routes due to staff shortage and higher fuel costs.
Bombardier’s first-quarter free cash flow from continuing operations, a metric closely watched by investors, was $173 million, compared with an outflow of $405 million a year earlier.
The company reported an adjusted loss of 3 cents per share, compared with a loss of 7 cents per share, a year earlier.
(Reporting By Allison Lampert in Montreal and Abhijith Ganapavaram in Bengaluru; Editing by Shinjini Ganguli)
