Bombardier (BBD-B) ran more than 20% on the back of a big Q1 earnings beat, which came with a ~$3B step up in the backlog…

… and additional debt reduction, with leverage falling to 1.8x - prompting S&P to revise its outlook to positive earlier in the month.

The strong demand environment (defense and commercial), lower debt service burden, and growing skew towards aftermarket services…

… prompted management to take its FCF guide above $1B for the year, up from $800M at the midpoint previously…

… and well above consensus estimates of $890M, resulting in only a turn of multiple expansion as analysts upped their forecasts.