Private jet maker Bombardier (BBD) reported a fourth quarter profit of $241 million U.S., up 1.3% from $238 million U.S. a year earlier.
The Montreal-based company said its profit amounted to $2.40 U.S. per share for the quarter ended December 31, 2022, up 2.6% from $2.34 U.S. a share in the year earlier period.
Revenue for Q4 totalled $2.70 billion U.S., up 50% from $1.80 billion during the same quarter of 2021.
Bombardier executives said during an earnings call that their top priority remains paying down debt. The company said it repaid $1.10 billion U.S. in debt during 2022, and has reduced its long-term debt by 41%, or $4.10 billion U.S., since the end of 2020.
Bombardier’s adjusted net debt stood at $4.60 billion U.S. at the end of last year.
The company said it saw more deliveries in 2022, plus growth in services, which boosted its revenue and profits.
Looking ahead, Bombardier said it expects revenue to top $7.60 billion U.S. for all of this year compared with $6.90 billion U.S. in 2022.
Aircraft deliveries for 2023 are expected to be more than 138 units compared with 123 last year.
Bombardier’s stock has risen 37% over the past year to $60.07 per share.
