Business aviation giant Bombardier has used its fourth quarter and full-year 2022 financial results to predict a further increase in private jet sales during 2023.
The Canadian Bombardier expects sales to escalate to a total of 138 jets in 2023, compared with 123 in 2022.
“The 2022 results we are presenting today are a resoundingly positive culmination of a strong year, and a testament to the team’s effort to execute in 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 company reported $6.9 billion in revenues, an increase of 14% year-over-year.
This sales surge comes on the back of higher deliveries and a favourable mix of aircraft. However, there was also a significant contribution from aftermarket services, which grew 22% year-over-year to reach $1.5 billion in 2022.
Executives were particularly pleased with the company’s performance after it ‘avoided pitfalls related to the pressures on the supply chain’.
Martel added: “We are also proud of the fantastic job our team did on deleveraging, with $1.1 billion dollars of debt retired in 2022 thanks to cash from our balance sheet and operations. This puts us ahead of our plan and gives us the flexibility to be even more proactive and opportunistic going forward.”
The company has confirmed that it will provide a strategic progress update during its virtual Investor Day on March 23, 2023.