Bombardier forecast better-than-expected 2024 revenue on Thursday (Feb 8), as the Canadian company expects to deliver a higher number of aircraft on the back of sustained demand for private flying.

Business jet makers have gained in the last two years as the wealthy switched to private flying during the pandemic, allowing companies such as Bombardier to increase prices.

The Montreal-based company expects full-year revenue of US$8.4 billion to US$8.6 billion, compared with analysts’ expectations of US$8.27 billion, as per LSEG data.

Aircraft deliveries in 2024 are expected to be between 150 and 155 jets, compared with 138 jets Bombardier delivered last year. Free cash flow is expected to be US$100 million to US$400 million, from US$257 million reported in 2023.

Bombardier reported a lower fourth-quarter adjusted net income of US$135 million, compared with US$205 million a year earlier, amid lingering supply snags that have raised costs for companies.

On a per-share basis, adjusted profit was US$1.37, one cent below Wall Street expectations.

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Revenue rose 15.3 per cent to US$3.06 billion in the quarter through December, beating estimates of US$2.88 billion. Free cash flow from continuing operations rose to US$646 million from a year earlier, but fell below expectations of US$672 million. REUTERS