Posted on May 21st, 2011
General Dynamics views the company’s Gulfstream Aerospace division as its main “growth engine,” according to CEO Jay Johnson. Johnson said the firm’s aerospace group, which includes Gulfstream and Jet Aviation, had a strong quarter with $1.353 billion in revenues, just $4 million less than a year ago. First-quarter profits at the division climbed to $230 million, $12 million higher than last year. Johnson said General Dynamics continues to see improved conditions in the business aviation market, citing healthy interest in new-aircraft orders, particularly from the international market and specifically Asia Pacific; declining preowned inventory levels; and increased aftermarket demand spurred by rising aircraft utilization. During the quarter, Gulfstream delivered 24 completed jets (19 large-cabin and five midsize aircraft), compared with 17 (16 large, one midsize) in the same period last year. The aerospace division’s backlog at the end of the quarter was $17.860 billion, up from $17.821 billion at the end of last year.