June 15th, 2024

Bombardier takes top spot for business jet production globally

By The Canadian Press on February 23, 2023.

Bombardier retained its position as the world's largest business jet manufacturer in 2022, upping its sales even as worries persist around a possible economic slump. A Bombardier plant is seen in Montreal on Thursday, February 11, 2021. THE CANADIAN PRESS/Paul Chiasson

Bombardier retained its position as the world’s biggest business jet manufacturer in 2022, increasing its sales even as worries persisted around a possible economic slump.

The Montreal-based company churned out 123 private planes last year, beating out for the second year in a row Gulfstream Aerospace Corp., which produced 120.

However, the Savannah, Ga.-based rival took in more revenue on its sales, at US$6.6 billion compared with Bombardier’s US$6 billion

In 2021, Bombardier billed US$5.8 billion on 120 business jets, the vast majority of them Challengers or the ultra-long-range Globals – it ended production of the storied Learjet last March.

Since selling off its remaining stake in the Airbus A220 jetliner program in 2020, the 81-year-old company focused exclusively on the burgeoning business jet market while it continued to pay down a sizable debt load.

Bombardier had $4.69 billion in net debt at the end of the year, more than five times its annual adjusted earnings.

CEO Eric Martel said earlier this month he expects steady growth and stronger income on the company’s services in 2023.

National Bank analyst Cameron Doerksen cautioned that “sentiment around the business jet industry and Bombardier shares may be less bullish this year” as private plane use softens amid a return to commercial air travel and a potential economic slowdown.

This report by The Canadian Press was first published Feb. 23, 2023.

Companies in this story: (TSX:BBD.B)

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