Gulfstream reports six year high on aircraft orders

Gulfstream’s aircraft backlog is the highest it’s been for six years in the third quarter (Q3) of 2021, according to CEO, Phebe Novakovic. The Savannah-based firm’s book to bill ratio stands 1.7:1, as backlog grew 22.8% since Q3 2020.

Gulfstream’s parent, General Dynamics posted net earnings of $860m on revenue of $9.6bn in Q3 2021. Diluted earnings per share (EPS) were $3.07. EPS grew 5.9% from the Q3 2020 and 17.6% sequentially as the operating margin expanded to 11.3%, up 90 basis points from Q2 2021.

“The company delivered solid third-quarter results, generating very strong cash flow and attractive margins,” said Novakovic. “We continue to focus on delivering solid program performance and ensuring the well-being of our people, who are rising above the challenges of the pandemic to support our customers.”

Net cash provided by operating activities in the quarter totalled $1.5bn. Free cash flow from operations was $1.3bn.

Backlog at the end of the quarter was $88.1bn, up 8.1% from the Q3 2020. Estimated potential contract value was $41.5bn. Total estimated contract value, the sum of all backlog components, was $129.6bn at the end of the quarter.