Gulfstream is optimistic about initiating deliveries of its G700 in the current quarter, aiming to recover from the setbacks faced in 2023 due to a slower-than-expected certification process by the Federal Aviation Administration (FAA) for the ultra-long-range business jet.
The G700, powered by the Rolls-Royce Pearl 700 engine, was initially expected to receive US type approval in the fourth quarter. This certification delay resulted in a shortfall of 15 anticipated deliveries by year-end. Consequently, Gulfstream’s parent company, General Dynamics, experienced a revenue and profit dip below expectations for the year 2023, amounting to approximately $1 billion in revenue and $250 million in earnings for the three-month period.
Despite the challenges encountered, Gulfstream remains committed to overcoming the certification hurdles and is now focused on commencing G700 deliveries in the first quarter. The company is determined to regain momentum and fulfill its commitment to customers eagerly awaiting the cutting-edge features and capabilities of the G700 ultra-long-range business jet. Stay tuned for further updates as Gulfstream works diligently to bring this exceptional aircraft to market.
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