Revenues at General Dynamics’ aerospace division, which includes Gulfstream Aerospace and Jet Aviation, soared to nearly $1.78 billion in the first quarter, a $155 million increase from a year ago, according to financial results the company released yesterday. Segment profit in the quarter also climbed by $39 million, or 14.4 percent, to $310 million, thanks in large part to Gulfstream, though General Dynamics chairman and CEO Phebe Novakovic said Jet Aviation “made a contribution in the quarter.”
The super-midsize Gulfstream G280 recently set 15 new city-pair speed records as part of the company’s reliability demonstration program, the Savannah, Ga.-based aircraft manufacturer announced today. To date, the G280 has established 22 speed records since setting its first in May.
Revenues at General Dynamics’ aerospace division, which includes Gulfstream Aerospace and Jet Aviation, soared to $6.91 billion last year, up more than $900 million from 2011, thanks in large part to Gulfstream. Profits at the division climbed by $129 million to $858 million. During an investor conference call yesterday, General Dynamics chairman and CEO Phebe Novakovic forecast that the division will see 16-percent sales growth this year.
The supersonic business jet development program continues at Gulfstream Aerospace, but until the FAA decides to define “quiet” as it relates to the so-called sonic boom, “We just don’t see a business case,” said a spokesman.
In a series of patent filings last summer, Gulfstream emphasized mitigating the noise produced by the sonic boom, pointing out that regulations currently prohibit supersonic flight over populated areas.
Lockheed Martin, the largest U.S. government contractor with $46 billion in annual sales, appointed its first female chief executive on November 9 after CEO-in-waiting Christopher Kubasik resigned over a “close personal relationship with a subordinate employee,” the company announced. The Bethesda, Md.-based company named Marillyn Hewson, 58, to take over as president and CEO on January 1, succeeding outgoing CEO Robert Stevens.
Gulfstream Aerospace delivered its first super-midsize G280 yesterday, with the outfitted twinjet going to an unidentified “U.S.-based manufacturer with a worldwide presence spanning 190 countries.” The G280 received FAA and Civil Aviation Authority of Israel certification on August 30.
Third-quarter revenues at General Dynamics’ aerospace division, which includes Gulfstream Aerospace and Jet Aviation, were $1.8 billion, up 30 percent from a year ago due to more green G650 deliveries, while profits rose 20.3 percent, to $261 million.
With sales of $1.6 billion, up 16 percent from the same period last year, General Dynamics’ aerospace group was a bright spot in the company’s second-quarter 2012 financial report, released yesterday morning.
A Gulfstream Aerospace spokesman categorically denied a report published by British tabloid Daily Mail saying that the company, along with NASA, Boeing and Lockheed Martin, would “sketch out” details of a supersonic business jet at the Farnborough Airshow, which starts July 9. Further, Lockheed Martin does not have any civil aircraft announcements planned at the UK airshow.
The board of directors at General Dynamics, parent company of Gulfstream Aerospace and Jet Aviation, announced yesterday that chairman and CEO Jay Johnson will retire effective December 31. Johnson, the former Navy fighter pilot who’s been heading General Dynamics since 2003, is to be succeeded by Phebe Novakovic. Last month, Novakovic was named president and COO of General Dynamics. Previously she served as executive vice president of the company’s marine systems group and senior vice president for planning and development.