By Tom DolanPublished May 02, 2020 09:18:30By Tom DolfanIn a bid to attract new investors to Gulfstream’s $3.2 billion jet program, the company has unveiled its latest quarterly financial results and revealed it has more than 1,000 customers, including Boeing, Bombardier and Lockheed Martin.
Gulfstream reported its second-quarter results Friday, which included a net loss of $9.4 million, which was the second-straight quarterly loss for the company.
The airline said it is investing $50 million to expand the fleet to 15 Airbus aircraft and plans to add four Boeing 737 MAX aircraft.
The aircraft are intended for the commercial air travel market and will be operated by airlines such as United, Delta, and American.
The company said it has received a record $1.5 billion in foreign exchange in the second quarter and is on track to have $3 billion in cash flow for the year.
The company also said it will add a Boeing 737 Max-100 to the fleet in 2021, adding to a fleet of 36 MAX aircraft that the airline plans to buy in 2021.
It also said its first-class fleet will add two Boeing 737-900 aircraft, as well as four Boeing 777-300ER aircraft, which are planned to enter service in 2021 and 2023.
The airline also said that its first plane, the Airbus A320neo, which is intended for use by the United States military, is expected to be ready for flight in 2019, while the A320-100, which Gulfstream is planning to add to its fleet, is on schedule for the end of 2019.
The carrier has also said the Boeing 737MAX will be ready in 2021 or 2022.
The carrier said it expects to earn $8.5 million in the first quarter of 2021 and $4.4 billion in the fourth quarter of 2020, with net profit of $1 million.
The results for the third quarter, which ended May 31, came in at $3 million, down from $4 million in Q2.
The Gulfstream CEO also said he is pleased with the performance of the first half of 2021, with revenue growth of more than 40 percent.
He said the company is also looking at ways to improve profitability for the second half of the year as well.