Fractional aircraft specialist NetJets announced pretax earnings of $158 million for the first nine months of this year, contrasting with losses of $531 million for the same time frame last year. The increased earnings are attributed to increases in flight hours and lower fuel costs, though income from monthly management fees is down due to decreases in the fleet size. The news came from NetJets parent company, Berkshire Hathaway, led by financier Warren Buffett. The report also indicated that further downsizing of the fleet is expected.
NetJets Numbers Edge Into the Black
Key Takeaways:
- NetJets achieved a significant financial turnaround, reporting $158 million in pretax earnings for the first nine months of this year, a sharp contrast to a $531 million loss in the same period last year.
- This profitability was driven by increased flight hours and lower fuel costs, despite a decrease in monthly management fees due to a smaller fleet.
- The company, a subsidiary of Berkshire Hathaway, anticipates further downsizing of its aircraft fleet in the future.
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