Summary

  • General Dynamics reported $11.9 billion in revenue for Q2 2024, marking an 18% increase from last year.
  • Gulfstream Aerospace saw improvement with 37 aircraft deliveries in Q2 2023, including 31 large-cabin aircraft.
  • The new Gulfstream G700 achieved 1,000 flight hours, set speed records, and received certifications worldwide.

On Wednesday, July 24, General Dynamics reported its financial results for the second quarter of 2024. The company reported nearly $12 billion in total revenue. General Dynamics is the parent company of Gulfstream Aerospace, one of the largest private jet manufacturers in the world.

Related

Why Grumman Created Gulfstream Aerospace

Grumman created a separate aircraft OEM with its Gulfstream subsidiary.

Second-quarter 2024 earnings

As previously mentioned, General Dynamics reported a total of $11.9 billion in revenue during the second quarter of 2024. This was an 18% increase from the second quarter of 2023. Additionally, the operating earnings of $1.2 billion was also a 20% increase year-over-year. This resulted in earnings per share of $3.26, another 20.7% increase from last year. The company also recorded an operating margin of just under 10%.

Gulfstream GVII-G500 business aircraft takeoff
Photo: Robert Buchel | Shutterstock

The Chairman and Chief Executive Officer (CEO) of Gulfstream Dynamics, Phebe N. Novakovic, spoke about the earnings. He stated,

“This was a strong quarter overall, as reflected by solid growth in all key measures from a year ago. Our businesses continue to focus on disciplined execution of their programs, cost and schedule. In the Aerospace segment, we are continuing to ramp up the pace of our G700 deliveries and our defense businesses continued to grow, reflecting increased demand in response to the threat environment.”

All of these improvements were spread across the multiple business segments that General Dynamics runs. This includes Electric Boat, Bath Iron Works, Mission Systems, and Ordnance and Tactical Systems, among others. However, Gulfstream had an important part. Gulfstream Aerospace reported 37 aircraft deliveries in the second quarter of 2023. 31 of these were large-cabin aircraft. This was a large improvement from the 24 aircraft and 18 large-cabin aircraft that were delivered in last year’s second quarter.

Gulfstream in recent news

As previously mentioned, the recent certification of the Gulfstream G700 helped contribute to the positive financial results from this year’s second quarter from General Dynamics. The flagship Gulfstream aircraft was certified by the Federal Aviation Administration (FAA) in March, and it began deliveries in April, early this year. It also received its European Union Aviation Safety Agency (EASA) certification in May. Since then, it has received additional type certification from eight other countries.

A Gulfstream G700 about to land.

Photo: Georgiphoto | Shutterstock

After the aircraft was in service for 100 days, the President of Gulfstream, Mark Burns, stated,

“We planned for a seamless entry into service for the G700, and this incredible start is a testament to both the maturity of the program and the dedication of the Gulfstream team. Thanks to the investments we made across our business, from research and development to manufacturing and completions, the G700 program is exceeding customer expectations – they are flying their aircraft around the world immediately upon delivery, and the feedback we are hearing is outstanding.”

Gulfstream’s new flagship aircraft has achieved approximately 1,000 total flight hours since its deliveries began. The aircraft has been used to set several speed records. This includes:

  • Paris, France, to Montreal, Canada, in six hours and 16 minutes
  • São Paulo, Brazil, to White Plains, New York, in eight hours and 46 minutes

These were both set while the aircraft was flying at an average speed of Mach 0.90 (690 miles per hour). Over 50 city-pair speed records have been set by the legendary Gulfstream G700.

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