Advertisement

Bombardier takes top spot for business jet production globally

Click to play video: 'Travel Tips: EU entry-exit system delayed'
Travel Tips: EU entry-exit system delayed
The European Commission is delaying plans to roll out its new system that will track the entry and exit activity of visitors. Travel Consultant Claire Newell explains why – Feb 16, 2023

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.

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.

Get daily National news

Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

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.

Story continues below advertisement

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.

Sponsored content

AdChoices