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Gulfstream’s revenue in the first quarter of 2023 was affected by supply chain issues, resulting in a dip in deliveries.
The company delivered 25 aircraft in the first quarter, compared to 28 deliveries in the same period the previous year, according to parent company General Dynamics’ (GD) financial results.
Despite the dip in deliveries, Gulfstream’s sales and service revenue growth in Q1 made up for the shortfall.
The revenue of GD’s aerospace unit, composed of Gulfstream Aerospace and Jet Aviation, was roughly even with the prior-year period at USD$1.9 billion, while earnings surged 10.8 percent to USD$243 million for the first quarter.
As Gulfstream is gearing up for G700 production, General Dynamics chairman and CEO Phebe Novakovic described the performance as “solid” and said the company will ramp up manufacturing to meet the forecasted 124 deliveries this year.
“Our businesses delivered solid operating results despite persistent supply chain headwinds, with earnings before taxes up 3.7% and EPS up modestly,” said Novakovic. “Strong cash flow positions us to continue to invest in our business, retire debt and return value to shareholders.”
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