The company grew its first-quarter backlog by five per cent year-over-year to
The upbeat figures stood in contrast with a year-over-year revenue drop of 12 per cent to
The decrease resulted partly from lower than expected plane deliveries in the quarter — 20 versus 22 a year earlier — but CEO Éric Martel said the number aligned with
"We are seeing a lot of activity around the Global family," he said, referring to the larger of the two plane series churned out by the
"While we continue to require more working capital investment in the near term, we will be well placed in the second half of the year and well beyond," Martel told analysts on a conference call Thursday.
Martel's remarks came one day after the 82-year-old company unveiled a new logo to mark its shift from an erstwhile giant of rail and commercial aviation to a pure-play business jet outfit.
"We went from a large industrial footprint with many businesses and product lines to a streamlined space that's leaner, greener, focused and ultra-modern," said Martel.
Dubbed the
Last year, the company flew its forthcoming Global 8000 ultra-long-range jet at Mach 1 — the speed of sound, or about 1,235 km/h — a first in business aviation, it said.
On Thursday, the company reported a first-quarter profit of
On an adjusted basis,
This report by The Canadian Press was first published
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