Bombardier takes top spot for business jet production globally

Bombardier retained its place because the world’s largest business jet producer in 2022, growing its gross sales at the same time as worries persevered round a attainable financial droop.

The Montreal-based firm churned out 123 personal planes final 12 months, beating out for the second 12 months in a row Gulfstream Aerospace Corp., which produced 120.

However, the Savannah, Ga.-based rival took in additional income on its gross sales, at US$6.6 billion in contrast with Bombardier’s US$6 billion

In 2021, Bombardier billed US$5.8 billion on 120 business jets, the overwhelming majority of them Challengers or the ultra-long-range Globals — it ended manufacturing of the storied Learjet final March.

Since promoting off its remaining stake within the Airbus A220 jetliner program in 2020, the 81-year-old firm centered solely on the burgeoning business jet market whereas it continued to pay down a large debt load.

Bombardier had $4.69 billion in internet debt on the finish of the 12 months, greater than 5 occasions its annual adjusted earnings.

CEO Eric Martel stated earlier this month he expects regular progress and stronger revenue on the corporate’s companies 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 personal airplane use softens amid a return to industrial air journey and a possible financial slowdown.

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