Gulfstream deliveries and sales up in 2012
Gulfstream ended 2012 with revenue up over $800 million and earnings up $110 million, according to the 2012 fourth-quarter and full-year financial results, released by General Dynamic this week.
General Dynamics’ made a net loss of $332 million in 2012 mainly due to write-downs in its defence businesses. It made a $2.55 billion net profit in 2011.
Jet Aviation also wrote down $191 million of maintenance assets citing poor economic conditions and other manufacturers performing maintenance work that was previously done by third-parties like Jet
Gulfstream delivered 94 completed aircraft in 2012 compared with 99 in 2011. It built 121 green aircraft (with no interiors) compared with 107 in 2011. It delivered six G650s to customers.
Phebe Novakovic, chairman and president, General Dynamics said individuals accounted for 30% of sales, another 30% of new aircraft sales were to private companies; with most sales to public companies. “The largest demand we saw was within the Fortune 500 as they’re replenishing their fleet. Asia was down,” she said.
Margins at Gulfstream fell. Novakovic added: “At Gulfstream, margin improvement over plan is dependent on 650 performance. There is upside if we can beat planned cost performance on G650 manufacturing and completion.”