MONTREAL -- Bombardier's world-leading business aircraft division is making the Canadian manufacturer's only noise at this year's Farnborough Airshow as it has thus far failed to line up a single commercial aircraft order.
The Montreal-based company has reeled in 17 business jet orders worth about US$800 million during the air show's first two days and in the days leading up to the biennial event.
On Tuesday, several customers ordered a total of 10 jets worth about US$490 million.
Among them were four unidentified wealthy Russians who ordered four Global Express XRS jets while VistaJet of Switzerland will buy four Global Express XRS aircraft and two Challenger 605 jets.
The Russian and Swiss orders had list prices of US$213 million and US$277 million respectively, although manufacturers offer discounts for large orders.
"We feel pretty good about what we've been able to announce," Steve Ridolfi, president of Bombardier Business Aircraft, said in an interview from London.
"From our side, these business aircraft orders foretell the positive story to come."
While conditions haven't yet fully recovered from the economic recession, they have "come a long way" from the middle of last year when cancellations exceeded orders.
Ridolfi said he's encouraged that the number of used planes for sale is steadily declining, market confidence is returning, the economy is growing and the number of wealthy individuals is rising.
He expects a gradual improvement towards the end of the year and early in 2011.
"It's not to say that this turnaround will be instantaneous but we definitely see the signs of gradual market improvement," he said.
While concerned about the impact of debt problems in Europe, Ridolfi said the situation has been mitigated a little by improvements in the United States, Russia and orders from charter and fractional ownership companies.
Ridolfi said he doesn't expect any more big business jet announcements during the air show but still hopes to tack on a few more single orders.
While Bombardier (TSX:BBD.B) has managed to increase its share of the business jet market during the downturn, it would need to see more orders before it can restore production and hire back laid off workers, he added.
Richard Aboulafia of the Teal Group says the business jet division, backed by the resilience of its larger aircraft, is doing well but its orders are "not much compensation for conspicuously absent CSeries orders."
"The top half of the market is holding nicely, and that's where they get most of their business," he said in an email.
The orders announced Tuesday came a day after Qatar Airways ordered three business jets -- two Global 5000 and a Challenger 605, added at the last minute -- in a deal worth US$122 million. Last week, AVWest of Australia placed firm orders for four Global Express XRS jets for US$213 million.
The Middle Eastern airline said it remains interested in the CSeries but an order that was expected to be announced at the air show has been delayed because of an undisclosed dispute with engine manufacturer Pratt & Whitney.
Analysts had high hopes for major orders of Bombardier's new CSeries jet at the air show, but the company hadn't made any blockbuster sales announcements as of Tuesday.
A Bombardier executive said Monday that its customers had been waiting to see what Airbus and Boeing will do about using new more fuel-efficient engines on their narrow-body planes.
In addition to being shut out with CSeries orders, Bombardier has failed to attract a regional plane order while rivals ATR and Embraer have lined up turboprop and jet orders approaching $2.8 billion.
The show has attracted US$25 billion of orders in its first two days.
On the Toronto Stock Exchange, Bombardier shares partially recovered from a 6.75 per cent slide on Monday by closing up 23 cents, or 5.19 per cent, to $4.66.
