Gulfstream Hits Stride as Bizjet Sales, Deliveries Soar

Gulfstream Aerospace found its groove in the third quarter as business jet sales and shipments climbed 56% and 39%, respectively, Phebe Novakovic—chairman and CEO of parent General Dynamics—said this morning during an investor call. “There was robust order momentum at Gulfstream in the quarter,” she said, noting a 1.3:1 book-to-bill that increased aerospace backlog to $20.6 billion, a nearly $1 billion quarter-over-quarter rise.

The company’s aerospace unit, composed of Gulfstream and aviation services firm Jet Aviation, saw third-quarter revenues soar 30.3% year over year (YOY), to $3.234 billion, and earnings jumped 41%, to $430 million. For the first nine months, these figures were $9.322 billion (up 24.2% YOY) and $1.265 billion (up 43.9%), respectively. Driving the gains were higher jet deliveries, more special-mission work, and aircraft services, according to Novakovic.

Gulfstream shipped 39 jets (33 large cabins and six super-midsize G280s) in the three-month period, up from 28 (24 large cabins, four G280s) a year ago. Novakovic said the latest third-quarter tally included 13 G700s and three G800s. In the first nine months, the Savannah, Georgia-based company handed over 113 aircraft (95 large cabins, 18 G280s), a 27% YOY increase over the 89 units (76 large cabins, 13 G280s) delivered. To date, Gulfstream has shipped 72 G700s, she added.

According to Novakovic, Gulfstream’s “remarkable growth” is being propelled by “the strength of the economy, resilient market and jet demand, and a slate of new models.” She also noted that supply-chain issues are now largely in the rear-view mirror.