Bombardier Global 7000 jet. (Photo: Bombardier)

MonTREAL — Bombardier regained its crown as the worlds largest business jet manufacturer in the fourth quarter, but continued to lag U.S. rival Gulfstream for 2014 as a whole.

For the first time in seven quarters, Montreal-based Bombardier was No. 1, shipping 78 planes valued at US$2.7 billion, the General Aviation Manufacturers Association reported Wednesday.

Gulfstream delivered 42 planes worth US$2.2 billion.

Bombardier  narrowed the gap in 2014 as it delivered 204 aircraft valued at US$7.56 billion, up from US$6.3 billion in 2013. It shipped 80 large Global aircraft, 90 Challengers and 34 Learjets last year.

Gulfstream shipped 150 planes worth US$7.78 billion, up from US$7.35 billion in 2013.

Bombardier spokeswoman Anna Cristofaro said the company enjoyed a strong performance from its mid- to large-size planes.

We believe the large category presents a tremendous potential for Bombardier and were confident that our portfolio will continue to build on the success for 2015.

Bombardiers global ranking in the final quarter was good news for a company whose shares have plummeted since trimming its guidance in the face of delays in both its business jet and flagship CSeries commercial jet programs.

Bombardier recently paused development of its Learjet 85 plane and laid off 1,000 employees.

The company is focusing resources on completing work on the CSeries, now set to enter into service by year-end, and the large new Global 7000/8000 plane aimed at competing with the popular long-range Gulfstream 650.

On the Toronto Stock Exchange, Bombardier shares closed up 14 cents or 4.8 per cent at $3.04 Wednesday.