Gulfstream Aerospace Flying High Through 3rd Quarter
Making its first flight in August 1958, Grumman Gulfstream I was the world’s first “purpose-built business aircraft” and the brainchild of Roy Grumman, co-founder of Grumman Aircraft Engineering Corporation. Many of the 200 Grumman Gulfstream I aircraft produced are still in service today, each one a testament to the quality and flying history that is Gulfstream. Grumman followed that effort by giving business flyers the ability to cross oceans with the Gulfstream II, which first crossed the Atlantic in May 1958 — a short 10 years later.
Luxury meets demand
Gulfstream Aerospace continues to prove successful in 2015 for parent company General Dynamics Corp. (GD), as it announced its highest-ever quarterly revenue and fifth-consecutive profitable quarter exceeding $400 million. Sales of both midsize- and large-cabin Gulfstream aircraft are reported to be strong, with demand highly concentrated in North America.
The private jet that is on every millionaire’s holiday wish list, the Gulfstream G650, still has a 4-year waiting list. Owners of this particular jet include fashion designer Ralph Lauren and director of The Lord of the Rings series Peter Jackson.
Defense orders boost earnings
GD investors are pleased by the recent report of third-quarter earnings at $2.28 per share (an 11.2% increase from the previous year), due to higher orders from the defense sector in addition to continued demand from the private market. Company revenues of $7.99 billion were the result of the successful deliveries of 12 midsize-cabin jets and six large-cabin aircraft, among other sales, beating earnings estimates.
On the horizon
Gulfstream engineers work their design and development magic at the Research and Development Center in Savannah, Georgia, where laboratories feature the only hemi-anechoic (or echo-free) chamber used in the development of business aircraft. The room is designed to completely absorb sound and used for sound testing. The results, of course, are the reason why Gulfstream aircraft are considered some of the quietest airplanes in existence today.
We wish Gulfstream congratulations and have high hopes of continued high-flying innovations in the coming year.
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