General Dynamics has released its 2024 financial report, indicating the delivery of 136 private jets by Gulfstream over the year. This marks a significant increase from the previous year’s total of 111 jets. The deliveries comprised 118 large-cabin and 17 mid-cabin aircraft.
Despite these numbers, Phebe N. Novakovic, CEO and chairperson of General Dynamics, acknowledged that revenue and earnings for the commercial aerospace segment did not meet expectations due to supply chain delays impacting the delivery schedule of Gulfstream’s G700 model. Initially, Gulfstream anticipated delivering between 50 to 52 units in 2024 but had to adjust their forecast downward.
Novakovic noted that Gulfstream planned to deliver 50 jets in the previous year but only managed to deliver 30, with just 15 deliveries occurring in the fourth quarter instead of the projected 27.
Nevertheless, demand for other large-cabin models contributed to a revenue rise of 30.5% in General Dynamics’ aerospace segment, totaling $11.2 billion for the year. Operating earnings also saw an increase of 23.9%, reaching $1.4 billion compared to $8.6 billion in revenue and $1.4 billion in operating profits in 2023.
Commenting on these results, Novakovic stated: “We had a solid fourth quarter, capping off a year that saw steady growth in revenue and earnings across all four segments.” She highlighted strong order activity with a book-to-bill ratio of one-to-one for the year.
Aircraft orders amounted to $11.2 billion for General Dynamics’ aerospace segment in 2024, up from $10.2 billion in the prior year. The backlog at year’s end stood at $19.7 billion.
Following this announcement, Gulfstream appointed Tim Waterman as its new Chief Financial Officer (CFO) effective February 1, 2025. Waterman brings extensive experience from his tenure at General Dynamics where he held roles such as director of financial planning and analysis.
Mark Burns, president of Gulfstream, expressed confidence in Waterman’s appointment stating: “Tim brings a wealth of experience from across the General Dynamics organization.”
Waterman holds degrees from Bentley University and George Washington University.
