Bombardier Inc., the Montreal\u002Dbased business jet maker, said revenue increased 14 per cent in 2022. Read more
a net loss of US$148 million, compared with a profit of $5 billion in 2021. Bombardier closed the year with momentum, recording net income of US$241 million in the fourth quarter, up from US$238 million in the same period a year earlier.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The CSeries, which was eventually sold to Airbus SE, was released 18 months late; the Global 7500 was two years late; and the Lear 85 was scrapped altogether. Bombardier amassed billions in debt, and the value of its shares sunk to about $7 in the fall of 2020 from about $135 per share in the summer of 2018. That was after a bailout by the Quebec government in 2015, when the company didn’t have enough cash to keep operating.
Bombardier righted itself by getting back to its roots as a maker of business jets. Its stock price is up more than 50 per cent from a year ago. Shares closed at $68.08 on Feb. 8.” chief executive Éric Martel said in aWe 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.
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