Writer

AmyWilder

FlightSafety International is an aviation training provider with global reach. They offer comprehensive programs for pilots, maintenance technicians, cabin crew, and dispatchers. Their state-of-the-art training centers and experienced instructors ensure top-notch training, adhering to strict standards, and promoting safety and proficiency in the industry.

Third-quarter revenues at Berkshire Hathaway’s aviation services, which includes NetJets and FlightSafety International (FSI), soared 10.4% year over year, <a href="https://www.ainonline.com/aviation-news/business-aviation/2024-08-15/stronger-flight-and-training-hours-boost-netjets-fsi">echoing second-quarter numbers</a>, and marking a 9.8% increase in the first nine months. However, pre-tax earnings for aviation services fell 17.5% versus third-quarter 2023.
This revenue growth was primarily driven by fractional provider NetJets, which continued to benefit from increased flight activity and demand for private aviation. Despite rising operating costs, including those for maintenance, personnel, and fuel, NetJets and FSI have been key contributors to the growth of <a href="https://www.berkshirehathaway.com/qtrly/3rdqtr24.pdf">Berkshire’s aviation division</a>. FSI benefitted from increased demand for aviation training and simulation services, but similar to NetJets, it has been facing rising costs that have tempered its gains.
According to data from Jefferies and WingX, NetJets’ departure numbers were up 55% from pre-pandemic levels in 2019 and 10% higher year over year. This surge reflects the broader recovery in business aviation, which has been fueled by demand for private flight services as businesses and individuals continue to favor the flexibility and safety of private aircraft, according to Jefferies.&nbsp;The growth in NetJets' flight departures stands out in the business aviation sector, with global business jet departures up 32% overall in October versus 2019 levels.
Berkshire Hathaway’s broader service group—which includes the aviation services companies and other businesses such as Dairy Queen, logistics company XTRA, and electrics components distributor TTI—reported total revenues of $5.13 billion in the quarter, a slight increase from the previous year.&nbsp;Despite the revenue gains, the services group reported a 26.3% decline in pre-tax earnings for the same periods and cited lower sales and price competition at TTI as a major cause.

Issues regarding financing of aircraft; aviation insurance; tax issues for aircraft operators; new companies and people in the aviation financing and insurance industries.

Berkshire’s NetJets, FlightSafety Post Strong 3Q Revenue Amid Rising Costs

Aviation services lead revenue gains, but earnings take a hit

Berkshire Hathaway reports 10.4% year-over-year aviation service revenue growth in Q3 but an earnings dip in the service sector due to higher operational costs.

NetJets, FSI Post Strong 3Q Revenue Amid Rising Costs

2024 Corporate Aviation Leadership Summit

Charles Alcock

News and developments about airplanes, helicopters and unmanned air vehicles used in all varieties of operations, including airlines, military, business, commercial, general aviation and private.

Lilium's CFO Oliver Vogelgesang is moving to Volocopter

Volocopter Reshuffles Leadership as eVTOL Certification Slips into 2025

News and issues concerning the aviation charter and fractional-ownership industries and markets, including company announcements, regulations, new developments and labor issues.

News and issues relating to business, corporate and private aviation, primarily regarding turbine-engine-powered airplanes and helicopters. Subjects include aircraft, engines, maintenance, operations, personnel, acquisitions, accidents, safety, security, and training.

Expansion of fleet will enhance service during holidays

Wheels Up Completes $332M Financing, Acquires 17 Jets

News about bills, laws, regulations and other governmental decisions affecting aviation and aerospace. Topics include FAA re-authorizations, taxes on fuel and aviation activities, environmental legislation, ICAO decisions, governmental mediation of labor conflicts and World Trade Organization disputes and decisions.

Industry group says this is the first in a series of new features for EBACE

EBAA Merges Air Ops Conference with EBACE Trade Show

News and issues relating to the aerospace industry that are related to the science, engineering and business of flight in space involving civil, industrial and military applications, and similar topics related to flight in the atmosphere of the Earth that are not covered more directly by other AINonline subject channels. In other words, both astronautical and aeronautical subjects, except for those aeronautical topics that are specifically covered elsewhere on this website.

Letter to Honeywell's board says Aerospace unit should run as a standalone business 

Fund Manager Elliott Demands Breakup of Honeywell Group

News and issues regarding all manner of civil and military rotorcraft and their powerplants, including helicopters, tilt rotors and unmanned air vehicles.

In this article

NetJets

FlightSafety International

More In Finance, Taxes, Insurance

Volocopter Reshuffles Leadership as eVTOL Certification Slips into 2025

Lilium's CFO Oliver Vogelgesang is moving to Volocopter

Wheels Up Completes $332M Financing, Acquires 17 Jets

Expansion of fleet will enhance service during holidays

EBAA Merges Air Ops Conference with EBACE Trade Show

Industry group says this is the first in a series of new features for EBACE

Fund Manager Elliott Demands Breakup of Honeywell Group

Letter to Honeywell's board says Aerospace unit should run as a standalone business

Blade Logs 3Q Net Loss Despite Flight Growth

Medical and passenger flight demand increased alongside revenues

Vertical Pushes Back eVTOL Certification, Says New Funding Will Come

UK company is not the only eVTOL aircraft developer facing delays in the launch of commercial operations

Wheels Up Stabilizes as Bizjet Fleet Renewal Starts

Company's third-quarter financials have ended seven consecutive quarters of declining revenues

KPMG Starts M&A Process to Find New Backers For Lilium's eVTOL Aircraft

Company says it is still building Lilium Jet prototypes and plans to start test flights

AIN Products

SUBSCRIPTIONS

RESOURCES

ABOUT AIN