GD soaring on Gulfstream sales

 - July 30, 2008, 5:18 AM

Gulfstream Aerospace parent General Dynamics late last month reported a 25-percent increase in profits during the second quarter, thanks in large part to climbing sales of Gulfstream business jets. The company posted a second-quarter profit of $641 million, up from $513 million in the same period a year ago, on sales of $7.3 billion. At Savannah, Ga.-based Gulfstream, the aircraft sales backlog stood at $1.32 billion as of June 30, up more than 10 percent year-over-year. “Growth in the aerospace backlog is a reflection of continued demand for the entire existing product line and extremely strong demand for the new Gulfstream G650,” said General Dynamics chairman and CEO Nicholas Chabraja.