The Globe and Mail reports in its Friday edition that when Éric Martel was appointed Bombardier chief executive officer six years ago, he found a once-proud industrial icon run down and mired in crisis. The Globe's Nicolas Van Praet writes that now, Mr. Martel is steering it toward a potentially prosperous future. The Montreal plane maker on Thursday reported strong annual results that surpassed its previous guidance and, with them, declared a turnaround effort launched in 2021 successfully complete. It introduced a new financial forecast for 2026 that builds on the momentum. Bombardier's net income from continuing operations for the year ended Dec. 31 came in at $975-million, up from $370-million the year before, while revenue grew 10 per cent to $9.5-billion (all figures U.S.). The company delivered 157 jets over the year, 11 more than the year before, and sales for its aircraft maintenance and repair business reached an all-time high. Free cash flow hit $1.07-billion for the year, while the backlog of orders not yet fulfilled ballooned 22 per cent to $17.5-billion. The company, previously saddled with a crippling debt from the simultaneous development of three new aircraft, now has its borrowing under control.
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