Bombardier has just released details of its fourth quarter and full-year 2022 financial results as well as detailing its expectations for 2023.
The Canadian company reported $6.9 billion in revenues, an increase of 14% year-over-year following higher deliveries and a favourable aircraft mix and also a significant contribution from aftermarket services, which grew 22% year-over-year to reach $1.5 billion in 2022.
Bombardier reported an adjusted EBITDA of $930 million, a 45% increase year-over-year and well over the guidance of greater than $825 million. The growing contribution of the Global 7500, cost structure improvements, higher aftermarket contribution and a better aircraft mix were among the key factors in this substantial increase. The company also beat guidance on the full-year reported EBIT, which was at $538 million.
The company made the most of the strong demand and competitive product portfolio and 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.
Éric Martel, Bombardier’s President and Chief Executive Officer said: "The 2022 results - 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. 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."