Business aviation giant Bombardier has used its fourth quarter and full-year 2022 financial results to predict an extra increase in private jet sales during 2023.
The Canadian Bombardier expects sales to escalate to a complete of 138 jets in 2023, compared with 123 in 2022.
“The 2022 results we’re presenting today are a resoundingly positive culmination of a powerful yr, and a testament to the team’s effort to execute within the fourth quarter.
“We exceeded commitments across the board, be it on deliveries, our growing aftermarket business and profitability,” said Éric Martel, Bombardier’s President and Chief Executive Officer.
The corporate reported $6.9 billion in revenues, a rise of 14% year-over-year.
This sales surge comes on the back of upper deliveries and a favourable mixture of aircraft. Nevertheless, there was also a major contribution from aftermarket services, which grew 22% year-over-year to succeed in $1.5 billion in 2022.
Executives were particularly pleased with the corporate’s performance after it ‘avoided pitfalls related to the pressures on the provision chain’.
Martel added: “We’re also pleased with the improbable job our team did on deleveraging, with $1.1 billion dollars of debt retired in 2022 because of money from our balance sheet and operations. This puts us ahead of our plan and offers us the flexibleness to be much more proactive and opportunistic going forward.”
The corporate has confirmed that it’s going to provide a strategic progress update during its virtual Investor Day on March 23, 2023.