Gulfstream Results
The parent companies of Gulfstream and Cessna each reported positive year-end financial results, although for very different reasons — profits at Gulfstream soared to record numbers in 2013, while Cessna reported a smaller loss this year than last. Both manufacturers, however, are hinting that 2014 will be a very good year.
Gulfstream hauled in revenues of $8.118 billion, with profits soaring 65 percent to $1.416 billion. General Dynamics CEO Phebe Novakovic said the Savannah, Georgia, subsidiary was the best performer among all divisions, noting that the conglomerate's other aviation unit, Jet Aviation, also posted good results. The boost at Gulfstream can be attributed to sales of the manufacturer's new flagship G650 model.
Cessna didn't fare nearly as well, but the CEO of its parent company, Textron, nonetheless praised the Wichita, Kansas, manufacturer for the strides it has made since the global slowdown in aircraft sales began in 2008. While overall deliveries were down from 181 in 2012 to 139 in 2013, Textron CEO Scott Donnelly said 2014 is shaping up to be a good one as new models, including the Citation M2, Sovereign+ and upgraded X, hit the market.
Revenue at Cessna was down from $3.111 billion in 2012 to $2.784 billion last year, but the company stemmed some of its red ink, posting a loss of $48 million in 2013 versus $82 million in 2012. Donnelly said the new Citation products will drive future growth.
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