Gulfstream Rides Out Economic Storm
Despite what parent company General Dynamics chairman and CEO Nicholas Chabraja termed a “tumultuous period in the markets and dislocation in the financial services sector,” Gulfstream Aerospace “had a terrific [third] quarter.” Aircraft sales in the quarter climbed 4.3 percent as a result of orders for large-cabin Gulfstreams and the new larger-cabin G650, though Chabraja noted there was a “soft spot” in sales of the midsize G150 and, to some extent, super-midsize G200. The backlog at Gulfstream now stands at nearly $22.1 billion, up $3.3 billion year-over-year and “its highest level ever,” he said. Chabraja expects sales to increase in the current fourth quarter, especially now that the “considerable number” of letters of intent for its new G250, which was unveiled last month at the NBAA Convention, are being converted into deposit-backed orders. Gulfstream delivered 23 green large-cabin jets and 16 green midsize/super-midsize jets in the quarter.