Net income for the recent quarter rose 1.3 percent to $1 billion, or $3.64 diluted earnings per share, compared with $992 million, or $3.58 per diluted share. Revenue increased 7.5 percent to $11.7 billion.

• READ MORE: Engine Certification Brings Gulfstream G700, G800 Closer to Market Debut

For the full year, net income totaled $3.3 billion, or $12.02 per diluted share, compared with 3.4 billion or $12.19 per diluted share. Revenue increased 7.3 percent to $42.3 billion from $39.4 billion in 2022.

“We had a solid fourth quarter, capping off a year that saw growth in all four segments and continued strong cash flow,” said Phebe Novakovic, chairman and CEO of General Dynamics.

During a call with analysts, however, Novakovic noted that results for the quarter and year are “4 and 9 cents below consensus. This miss was exclusively because G700 did not certify before year-end,” she said, adding that the delay “deprived us of slightly over $1 billion of revenue and $250 million in earnings.”

• READ MORE: Gulfstream G700 Sets Speed Records During 20-Country Tour

In the company’s aerospace business, which includes Gulfstream, orders totaled $3.2 billion, resulting in a 4.8 percent increase in backlog to $20.5 billion. Across all of its operations, which include marine systems, combat systems, and technologies, year-end backlog grew to $93.6 billion, which is the highest in the company’s history.

Novakovic said customers whose G700s have been completed should anticipate delivery soon. “We have 15 airplanes ready to go, and the hope is that we deliver them this quarter,” she said.

The post General Dynamics Says Q4 Earnings Grew but Were Hurt by Gulfstream G700 Delays appeared first on FLYING Magazine.

The maiden test flight departed the airport at 9 a.m. local time.

The G800 logged a two-hour flight from Savannah/Hilton Head International Airport, flying on a blend of sustainable aviation fuel (SAF) and traditional jet-A. When it hits the market, Gulfstream projects that the G800 will have the longest range of any business jet in the class.

“When the first G800 test aircraft rolled out at our announcement last fall, we changed the game once again for our industry,” said Mark Burns, president of Gulfstream, in a statement. “At Gulfstream, working closely with our customers allows us to continuously build on our successes and develop aircraft that exceed their expectations. 

“The G800 pushes the boundaries of performance even further with Gulfstream-designed aerodynamics and cabin technology, and we look forward to our customers benefiting from the longer range at higher speeds in our exceptional cabin environment.”

G800 By the Numbers

The G800 will likely stretch the boundaries of the current fleet, with the following specs released by the company:

• Extended Range: 8,000 nm at Mach 0.85
• Normal Range: 7,000 nm at Mach 0.90
• Powerplants: Rolls-Royce Pearl 700 engines (2)
• Power rating: 18,250 lbs. per side
• Takeoff distance: less than 6,000 feet at max takeoff weight
• Maximum cruise altitude: 51,000 feet
• Seats: Up to 19 passengers
• Windows: 16 of the “largest in the industry”

The passengers will benefit from 100 percent fresh, never-recirculated air, with what the company says will be the lowest cabin altitude in the class.

Up front, pilots will find the latest version of the Symmetry Flight Deck, featuring two heads-up displays (HUDs) and the proprietary Combined Vision System—a blend of enhanced vision system (EVS) and synthetic vision system (SYS) imagery.

On Track?

The aircraft officially debuted on October 5, 2021, and at that time, the company committed to an aggressive schedule, with two test aircraft already produced by the time of the announcement. Gulfstream had planned to leverage testing already performed on the G700 to accelerate the G800’s development—along with its smaller sister ship, the G400.

With a projected price starting at $71.5 million, the G800 should still be on track to enter into service in 2023, to meet the company’s stated targets. 

The post Gulfstream’s G800 Jet Makes First Flight appeared first on FLYING Magazine.

Friday’s record flight from the company’s base in Savannah, Georgia, to Geneva, lasted 7 hours and 37 minutes at an average speed of Mach 0.90, Gulfstream said in a news release. The flight was fueled with a blend of 30 percent sustainable aviation fuel (SAF), the company told FLYING on Monday.

The G700 is expected to begin first customer deliveries in early 2023, Gulfstream confirmed to FLYING. Powered by twin Rolls-Royce Pearl 700 turbofan engines, it promises a maximum range of 7,500 nm, maximum cruise altitude of 51,000 feet, and a maximum high-speed cruise of Mach 0.90, according to Gulfstream. With a maximum takeoff weight (MTOW) of 107,600 pounds the jet seats up to 19 passengers.

This isn’t the G700’s first city-pair speed record. Last September, a G700 test platform was fueled with a SAF blend when it performed a flight from Savannah to Doha, Qatar, clocking an average speed of Mach 0.88, over a distance of 6,711 nm/12,428 km in 13 hours and 16 minutes.

• READ MORE: Gulfstream G700 Sets Two City-Pair Speed Records

The same aircraft then set another city-pair record flying from Doha to Paris. 

The post Gulfstream’s G700 Sets New City-Pair Speed Record from Savannah to Geneva appeared first on FLYING Magazine.

As we’ve documented throughout Women’s History Month 2022, despite navigating the challenges of a male-dominated space, women are achieving great things in and for the aviation industry. Our final spotlight for this month shines on the women who make decisions every day that help shape the industry in many different sectors.

Apart from celebrating their amazing accomplishments, we hope that this list serves as inspiration for young women who might be just starting their aviation careers. We hope that this list lets them know that if they reach for the top, they can, in fact, change the world.

Cargo: Sarah C. Rhoads, Vice President, Amazon Global Air

After putting together a prolific 12-year military career as a U.S. Navy F-18 pilot, Sarah Rhoads didn’t expect that her next campaign would be to help Amazon (NASDAQ: AMZON) create a juggernaut air cargo network.

“I was a bit surprised when Amazon first contacted me as I had initially focused on pursuing a more traditional path of a transitioning military pilot,” Rhoads said in a company blog in 2016.

Rhoads admitted to an audience at the 2020 National Governors Association Winter Meeting that even she was caught off guard by how quickly Amazon built up its air cargo network. The company’s fast rise into air cargo essentially mirrored her ascent there.

“When I first joined Amazon nine years ago, it certainly wasn’t a thought that an e-commerce company would be building an air haul network,” Rhoads said.

By the time she spoke at the conference, the Montana native shared that she’d lived in 11 states, and her LinkedIn profile shows she’s completed stints for the company in London and Wales. Starting with Amazon as a regional director of operations, by 2017, Rhoads was appointed the director of Amazon Air, which evolved in 2019 into her current role as vice president of Amazon Global Air. That’s not the usual career trajectory of someone with a mechanical engineering degree from the U.S. Naval Academy, but based on the outcomes she’s achieved for Amazon, Rhoads is clearly well placed.

Today, Amazon Air operates a fleet of 97 airplanes, including ATR 72s and Boeing 737s and 767s, which it operates through partners. In 2020, when air carriers all over were grounded by vanishing passenger demand resulting from the pandemic, Amazon launched new gateway operations in Richmond, Virginia; San Juan, Puerto Rico; Austin, Texas; Maui and Kona, Hawaii; Los Angeles, California; and New Orleans, Louisiana, and regional hubs in Lakeland, Florida; Rockford, Illinois; and Baltimore, Maryland. And during this same timeframe, while Europe was closed off to the world because of stringent border restrictions, the company launched a new state-of-the-art facility at the Leipzig-Halle Airport (EDDP) in Germany.

In August 2021, Rhoads announced the company had begun operating out of its new air hub at Cincinnati Northern Kentucky International Airport (KCVG), a $1.5 billion investment spanning 600 acres.

Rhoads has been present for each successive step forward, which is why in 2018, Air Cargo World named her its Air Cargo executive of the year.

It’s hard to predict how vast Amazon’s Air Cargo network will become, but the broader cargo industry is certainly on notice with Rhoads at the helm.

Business: Phebe Novakovic, CEO, General Dynamics

If you listen to quarterly earnings calls for the 500 highest grossing companies, you won’t hear many female voices leading the reports and fielding questions from analysts and reporters. In fact, when you narrow that list down to companies in the aviation and aerospace sectors, chances are you’ll only hear one female voice: Phebe Novakovic, CEO of General Dynamics (NYSE: GD).

Apart from those appearances, she doesn’t accept many interviews, perhaps from the insights she gained in her previous roles at both the Central Intelligence Agency and the Department of Defense. Rest assured, however, when she speaks, people listen.

Since 2012, Novakovic has presided over General Dynamics businesses that also include marine, missile, combat, information systems, and more. With General Dynamics ownership of Gulfstream, she’s also privy to bringing to market some of the most in-demand business jets. In the 2021 end of year earnings call, Novakovic celebrated Gulfstream’s most prolific year since 2008, amid strong demand from new operators.

Altogether, this may explain why Forbes consistently recognizes Novakovic in its annual list of The World’s 100 Most Powerful Women. 

Airlines: Joanna Geraghty, President and COO, JetBlue 

In 2018, Joanna Geraghty became the president and COO at JetBlue Airways (NASDAQ: JBLU), making her the highest-ranking female executive in the U.S. airline industry. In her role, Geraghty is responsible for JetBlue’s operations and commercial performance including network, brand and marketing, and revenue management.

It’s not the typical career track for a trained lawyer, and former law partner from the prestigious Holland & Knight firm, but it’s in the vicinity of where she began at the then up and coming airline when she joined in 2005 as director of litigation and regulatory.

Since then, New York’s hometown airline has established its footprint throughout the northeastern U.S., the Caribbean, Latin America, and more recently, the U.K. Along the way, Geraghty had personal triumphs in multiple executive and vice president roles, including general counsel, people officer, and customer experience, before becoming only the second woman to run a major U.S. airline.

She’s helped the airline navigate the pandemic, especially given its location in New York City—one of the places hit hardest by COVID-19. Elsewhere, Geraghty has advocated for initiatives to expose more young people, especially girls, to the aviation industry and jobs as pilots.

Military: Jacqueline Van Ovost

U.S. Air Force Gen. Jacqueline D. Van Ovost is the 14th commander of U.S. Transportation Command (USTRANSCOM), one of 11 combatant commands in the Department of Defense. In 2021, she became the Defense Department’s only four-star female general, and the fifth in Air Force history, during a ceremony at Scott Air Force Base in Illinois. When she joined the Air Force 32 years ago, Ovost didn’t expect that she’d climb this far, especially since she failed her first physical fitness test because she couldn’t complete the required number of pull-ups.

“Standing in the stadium, in 1988 at the Air Force Academy, about to throw my hat in the air, I never would have thought I [would become] a four-star,” Van Ovost said in Air Force Magazine.

Instead, she said she’d work hard to be the best pilot she could be. Over three decades, she flew more than 4,200 hours, piloting 30 different aircraft. When she initially tried to join, the Air Force wasn’t looking for female fighter pilots. She had to work her way up, a journey that began with flying the C-141 Starlifter before achieving her long-term desire to be a test pilot of whatever aircraft the Air Force would allow her to fly.

Now, in her new role, Van Ovost wants to make the Air Force a more attractive place to serve for diverse groups of people. In her interview with Air Force Magazine, she spoke about tangible changes the organization can make to attract women, such as changing flight gear and uniforms, creating a more accommodating fitness schedule and pregnancy programs, and easing old restrictions that are irrelevant. 

She’s also laser focused on bringing the KC-46 Pegasus—a Boeing 767 turned re-fueler—into full initial operational capability, and accelerating the use of new technologies, like virtual reality, to assist the command with missions and training.

Government: Jennifer Homendy, NTSB Chair

In August 2021, Jennifer Homendy took her oath as chair of the National Transportation Safety Board (NTSB), becoming the fourth woman to lead the agency, and the 15th chair in its history.

Her role isn’t a simple one—she’s responsible for ensuring safety across all modes of transportation, aviation being just one. Thankfully, she’s leaning into the challenge and has the skills and experience to lead the board in its important work.

In her swearing in ceremony, Homendy shared, “We are in a time of dynamic change and growth within transportation—from automated vehicles to commercial space. This means that our mission to prevent tragedies and injuries and save lives is even more critical. The country needs a robust and energetic NTSB to ensure safety is well represented in all modes of transportation. I look forward to supporting our outstanding staff and their work as we endeavor to make transportation safer for all.”

Homendy’s experience, which includes work as a union official, as the Democratic staff director for the House Subcommittee on Railroads, Pipelines, and Hazardous Material, and as a member of the NTSB, should serve her well as head of the independent safety board.  

As a member of the NTSB since 2018, Homendy participated on the board’s investigation response team that uncovered the causes of the May 2019 midair collision of two aerial tour aircraft in Alaska; the June 2019 skydiving aircraft accident in Hawaii; and the January 2020 helicopter crash that killed Kobe Bryant and eight others.

Prominently, in the Kobe Bryant crash, she charged the FAA with failing to act on previous NTSB recommendations to improve safety systems. Specifically, on the NTSB’s most wanted list for aviation are safety management systems for all revenue passenger operations, and crash-resistant recorders and flight data monitoring programs.

With the latest wave of innovation, including the integration of electric vertical takeoff and landing (eVTOL) aircraft and unmanned aircraft systems into the National Airspace System, there will be plenty of new safety challenges for Homendy and the NTSB. This unique time in history and Homendy’s leadership experience place her in a position to make a difference for the industry.

The post These Women Impact the Bottom Line for the Aviation Industry appeared first on FLYING Magazine.

“Our continued focus on operating performance and protecting the health and safety of our employees contributed to strong fourth-quarter and full-year results,” General Dynamics’ chairman and CEO Phebe Novakovic said in a statement. 

While the company’s net earnings of $952 million for the quarter was $50 million less than what it took in in 2020, for the full year, net earnings were $3.3 billion, on revenue of $38.5 billion, a total of more than $90 million in extra business. 

Company’s Jets in High Demand

In the aerospace segment, backlog grew in the quarter to $16.3 billion, up 40 percent from the same quarter in 2020. The company’s book-to-bill ratio was 1.7-to-1 for the quarter and 1.6-to-1 for the year, the company indicated.

A book-to-bill ratio is the ratio of orders received to units shipped and billed for a specified period, or orders divided by revenue, generally for a month or quarter. More broadly, it tells part of the story of a sector, as has been the case with overall airplane sales in late 2020 and all of 2021.

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Novakovic called the demand for airplanes “the most important story in the quarter for aerospace and frankly, for the company.”

Gulfstream delivered 39 large and midsized-cabin aircraft worth $2.5 billion in the fourth quarter. For the year, the company delivered 119 units for a total of $8.1 billion. 

Compared to the previous year’s fourth quarter, aerospace segment revenue improved by 5.1 percent to $2.5 billion. However, owing to a sinking operating margin in the same period, the aerospace segment took in just $350 million for the quarter, compared to $401 million in 2020.

For the full year, total aerospace revenues climbed to $8.1 billion, slightly less than 1 percent of its 2020 $8.07 billion. The company expects that to extend to $84 billion through 2022 and estimates that will come from 123 airplane deliveries.

However, overall earnings in that segment also were 4.8 percent less they achieved for 2020, taking $52 million dollars less.

The company also reported that it was awarded $100 million to produce gun systems for the F-35 Joint Strike Fighter, F-18 Hornet, and F-16 Fighting Falcon aircraft programs by the U.S. military.

Other General Dynamic News

Across all of its businesses, General Dynamic said its total estimated contract value, the sum of all backlog components, was $127.5 billion.

“Favorable cash flow has enabled us to continue reducing debt, returning value to shareholders, and investing in future growth,” Novakovic said.

The company ended the year with $1.6 billion in cash.

Following the call, the share price climbed 2.8 percent to $210, but shrunk to $205 at the close.

The post Gulfstream Enjoys Strongest Year Since 2008 appeared first on FLYING Magazine.