The smile of David Joyce, CEO of GE Aviation, is hard to miss, especially at the Paris Air Show. The aircraft engine and parts supplier is well on its way to recording a record number of orders.
"We expect $ 35 billion in new business, engines and services, and I say that's conservative," Joyce told CNBC Paris Air Show. "If this continues this week, we can imagine moving north by a reasonable number."
GE Aviation booked the largest engine and service contract ever, when Indigo, a low cost airline based in India, $ 20 billion order placed on CFM International LEAP-1
The deal is particularly positive for Joyce as Indigo switches its engine business from Pratt and Whitney, a subsidiary of United Technologies, to CFM International. Indigo has a backlog of 430 aircraft, 150 of which are powered by Pratt and Whitney engines, the remainder of CFM LEAP engines.
Overall, the start of the aircraft orders at this year's Paris Air Show at a slow pace Boeing fails to record a single new order for one of its aircraft on the first day of the show.
Joyce is not worried about the quiet start of the show. He believes that the airline business will remain robust overall. "If you look at the basics, 5% demand growth, oil is stable, we add one million runs every year," he said. "This is really a positive show for us this week."
– Meghan Reeder of CNBC has contributed to this report.