Gulfstream Slides Downhill
Sales and earnings were down by almost one-third for Gulfstream Aerospace in the first quarter of this year, totaling just $634 million compared to $907 million over the same period last year, according to a report last week from General Dynamics, the jet-maker's parent company. "The Aerospace group continued to feel the effects of the global economy," Nicholas D. Chabraja, General Dynamics chairman and CEO, said in a news release. "Gulfstream's sales and earnings declined on fewer deliveries compared with the 2002 first quarter, as well as pricing weakness and continued difficulties in the pre-owned market," he said. Only 15 bizjets were delivered in the first quarter, compared to 27 last year. (more)Two weeks ago, Gulfstream President Bill Boisture Jr. abruptly retired, after four years as head of the company. No reason for that decision was announced. Gulfstream Vice Chairman Bryan T. Moss replaced Boisture. This week, CEO Chabraja said that Gulfstream has received an order worth up to $473 million from the Israeli government to supply and support four Gulfstream G550 aircraft, with an option for two additional aircraft.