Gulfstream Aerospace and Jet Aviation parent company General Dynamics reported third-quarter revenues of $7.751 billion, up $16 million from a year ago, while earnings rose 16-percent, to $696 million, the company reported today. At the aerospace division, revenues in the quarter climbed $137 million year-over-year, to $2.289 billion, and earnings rose by $42 million, to $411 million.
Gulfstream Aerospace promoted Leda Chong to senior vice president for Asia-Pacific yesterday, a position where she will be responsible for business development, strategic planning and government relations within the Asia-Pacific region for both Gulfstream and the aerospace business group at parent company General Dynamics. Chong, who is based in Beijing, has also joined Gulfstream’s leadership team and now reports directly to Gulfstream president Larry Flynn.
Though second-quarter revenues and profits dipped slightly at Gulfstream Aerospace, the Savannah, Ga.-based aircraft manufacturer still recorded a “strong” quarter, Phebe Novakovic, chairman and CEO at parent company General Dynamics, said yesterday during an investor conference call. Revenues at the aerospace division, which also includes Jet Aviation, came in at $1.995 billion during the quarter, down from $2.053 billion a year ago.
Gulfstream Aerospace has already signed purchase agreements for two or three G650ERs, Larry Flynn, president of the U.S. manufacturer (Booth 5129), told a small group of reporters during a breakfast flight in a Gulfstream G550 over the Alps yesterday morning. The company had announced the extended-range upgrade of the ultra-range, top-of-the-line G650 on Monday at EBACE 2014 in Geneva.
Asked about Aerion’s redesigned supersonic business jet announced this week at EBACE, Gulfstream Aerospace president Larry Flynn said, “I think everyone knows Gulfstream has had an interest in supersonic and we have a small research and development project that has been under way for several years. The project is mostly focused on suppressing the sonic boom. Our intentions would be to fly a supersonic airplane over land.
Gulfstream Aerospace continues to build on its momentum of last year with deliveries of 39 completed aircraft during the first quarter, a 34.5-percent increase on Q1 2013. This is on the back of a total of 144 deliveries last year, a 53.2-percent rise from the company’s performance for 2012.
The world’s leading business jet manufacturers posted financial results for the first quarter of 2014 in the weeks leading up to this year’s EBACE show. Overall, the latest numbers are somewhat encouraging in the context of the industry’s slow recovery but there are significant variations in the details. Here AIN provides a summary of the main conclusions.
Bombardier Aerospace: Bizjet Deliveries Up, Backlog Grows
Gulfstream Aerospace “is the primary growth engine for both earnings and revenue” at General Dynamics, parent company chairman and CEO Phebe Novakovic said yesterday during a fourth-quarter investor call. The company’s aerospace unit, which includes Gulfstream and Jet Aviation, had a “very good year” in 2013, she added.
Gulfstream Aerospace plans to boost its aircraft service and support organization by building a new worldwide product support distribution center near its Savannah, Ga. headquarters, the company announced today. The new building is expected to be completed early next year and will consolidate the company’s worldwide material distribution departments. When completed, it will house more than $900 million in parts and materials inventory.
Gulfstream Aerospace and Jet Aviation parent company General Dynamics announced on Friday that it is promoting Robert Smith to president of Jet Aviation. He will report to Joe Lombardo, executive vice president of General Dynamics’ aerospace group. Smith succeeds Daniel Clare, who is being tapped as the CFO of Gulfstream. Both appointments are effective January 1.
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