Bombardier has maintained its status as the world’s largest business jet maker in 2022, despite concerns of an impending economic downturn. The Montreal-based company produced 123 private planes, surpassing Gulfstream Aerospace Corp. for the second consecutive year, which manufactured 120. However, Gulfstream earned more revenue on its sales, taking in $6.6 billion compared to Bombardier’s $6 billion.
In 2021, Bombardier sold 120 business jets, primarily Challengers or the ultra-long-range Globals, after ending production of the Learjet. The company focused exclusively on the business jet market since selling its remaining stake in the Airbus A220 jetliner program in 2020, while simultaneously paying off a significant debt load of $4.69 billion. Bombardier’s CEO, Eric Martel, anticipates consistent growth and stronger income from the company’s services in 2023.
Nevertheless, National Bank analyst Cameron Doerksen cautioned that sentiments around the business jet industry and Bombardier shares could be less bullish this year due to reduced private plane usage as commercial air travel returns and the possibility of an economic slowdown.