Second quarter numbers show Gulfstream Aerospace delivered fewer of its newly certified flagship G700s than expected, marking a slower rollout for the model.
Initially planning to deliver 15 to 17 G700 jets in the first quarter, Gulfstream had delivered only eight aircraft by the end of the second quarter, according to analysts at financial-services firm Baird.
“We are surprised by the slower-than-anticipated start for G700 deliveries with so many airframes on the tarmac ready to be handed over to customers,” Peter Arment, analyst at Baird, said in a July 2 report. “We are reducing our 2Q24 EPS estimates by $0.28 to $3.02, well below the current consensus of $3.34.”
Gulfstream’s G700 aircraft received FAA certification at the end of the first quarter, with EASA approval following shortly after. General Dynamics, under which Gulfstream operates, initially reported that Gulfstream would deliver around 50 G700s by the year’s end. However, reports say these numbers may need to be adjusted in light of the slow start.
