Bombardier (BBD.B) has managed to take the top spot for business jet production following the release of its 2022 financials.
The company manufactures and designs the Challenger and the Global aircraft, known for their cabin design, performance and reliability.
A few select individuals can afford custom-made-to-order jets. According to privatejetcharter.com, Bill Gates owns four jets, two of which are Bombardier Challenger 350s.
Tech business tycoons are not the only individuals buying private jets. Take reality TV start and businesswomen and Kylie Jenner, for example. According to the British tabloid The Sun, Jenner purchased the Bombardier Global Express jet for $72.8 million in 2020.
The Canadian headquartered business revealed its full year for 2022, exceeding all its previously laid out commitments.
“We are also proud of the fantastic job our team did on deleveraging, with USD 1.1 billion of debt retired in 2022 thanks to cash from our balance sheet and operations,” said Éric Martel, Bombardier’s President and Chief Executive Officer.
According to the February 9, 2023 release, in 2022, revenue of US$6.9 billion was achieved, an increase of 14 per cent year-over-year.
Over the past year, there has been a strong demand despite inflation and rumours of a recession lingering. A representative from the company added that it “avoided pitfalls related to the pressures on the supply chain to deliver 123 aircraft, 49 of which were delivered in the fourth quarter of 2022.”
With a solid year in sales, filling orders and delivering products, the company was able to reduce its debt. Debt amounted to US$1.1 billion in 2022 and was repaid with cash.
With the foreseeable future looking positive for the global leader in aviation, big goals are ready to be achieved for the coming year. The company expects USD 7.6 billion in revenues, mainly from an increase in deliveries of 138 units that need to be filled.
Planning for the future is underway, with its Investor Day scheduled for March 23, 2023.
“We are confidently beginning the new year guiding for growth for a third consecutive year, and look forward to providing a deep dive on our fundamentals and detailed strategic plans next month in our Investor Day,” concluded Martel.
Read more news on Bombardier to stay up to date. Bombardier (BBD.B) ended the day up 0.25 per cent at C$66.10.