Gulfstream’s aircraft backlog is the highest it’s been for six years in the third quarter (Q3) of 2021, according to CEO, Phebe Novakovic. The Savannah-based firm’s book to bill ratio stands 1.7:1, as backlog grew 22.8% since Q3 2020.
Gulfstream’s parent, General Dynamics posted net earnings of $860m on revenue of $9.6bn in Q3 2021. Diluted earnings per share (EPS) were $3.07. EPS grew 5.9% from the Q3 2020 and 17.6% sequentially as the operating margin expanded to 11.3%, up 90 basis points from Q2 2021.
“The company delivered solid third-quarter results, generating very strong cash flow and attractive margins,” said Novakovic. “We continue to focus on delivering solid program performance and ensuring the well-being of our people, who are rising above the challenges of the pandemic to support our customers.”
Net cash provided by operating activities in the quarter totalled $1.5bn. Free cash flow from operations was $1.3bn.
Backlog at the end of the quarter was $88.1bn, up 8.1% from the Q3 2020. Estimated potential contract value was $41.5bn. Total estimated contract value, the sum of all backlog components, was $129.6bn at the end of the quarter.
