Higher Share Sales Drive 19% Revenue Jump at NetJets

First-quarter revenues at fractional provider NetJets soared 19 percent, thanks to more aircraft share sales and, “to a lesser degree,” an increase in services revenues attributable to gains in pass-through costs and a 2 percent uptick in flight hours, parent company Berkshire Hathaway said this week. Revenues at Berkshire’s services division—which includes NetJets and FlightSafety International, among several other non-aviation companies such as Dairy Queen—increased $256 million from a year ago, or 11 percent, to $2.617 billion, during the quarter.

Profits at the services division rose by $35 million, to $260 million, in the first three months versus a year ago. “The increase in earnings was primarily attributable to increased earnings at NetJets and [electromechanical component firm] TTI, partly offset by lower earnings from media businesses and FlightSafety,” Berkshire said.

Meanwhile, NetJets’ unionized aircraft maintenance technicians picketed at Berkshire’s annual investors meeting this past weekend in Omaha, Nebraska. According to IBT 284, which represents the company’s mechanics, the informational picketing is part of an effort to publicize a six-year-long labor dispute with NetJets. “NetJets should be able to pay the skilled mechanic who fixes its private jets an industry-standard wage,” the union said.