(Reuters) – Bombardier Inc said on Thursday it would generate higher revenue and use less cash in 2021, helped by a rebound in business jet flights and demand for aircraft after the pandemic sapped orders last year, driving up its shares as much as 8%.
Supply chain challenges that have hit aerospace globally would not prevent Bombardier from meeting its 2021 target of 120 business jet deliveries, Chief Executive Éric Martel told reporters.
Bombardier is close to being sold out of all aircraft in 2021, with Martel telling analysts earlier he expects orders to pick up for the company’s flagship Global 7500 jet “between now and year-end.”
According to FlightAware data, business jet flights rose 23% in the week beginning July 21 over 2019 levels in the United States, the world’s largest market for corporate aviation.
Separately, Bombardier also disclosed that the Royal Canadian Mounted Police would join a global investigation into suspected bribery related to decade-old sales of company jets to Garuda Indonesia.Read more