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GD - General Dynamics News Story

$183 -1.1  -0.6%

Last Trade - 09/04/21

Sector
Industrials
Size
Large Cap
Market Cap £37.85bn
Enterprise Value £45.51bn
Revenue £27.67bn
Position in Universe 241st / 6827

UPDATE 1-Global business jet deliveries decline 20% in 2020 due to COVID-19

Wed 24th February, 2021 6:35pm
(Adds comment from industry press conference)
    Feb 24 (Reuters) - Global business jet deliveries declined
20.4% to 644 aircraft in 2020 as the COVID-19 pandemic weighed
on production earlier in the year, the General Aviation
Manufacturers Association (GAMA) said on Wednesday.
    While business jet makers like General Dynamics Corp's
 GD.N  Gulfstream, Bombardier Inc  BBDb.TO  and Textron  TXT.N 
saw a rebound in deliveries during the last three months of
2020, the industry does not expect a full recovery to
pre-pandemic levels this year.
    Business aviation has recovered faster from the pandemic
than commercial airlines, helped by demand from first-time
buyers, leisure travel, and wealthy individuals who are looking
for private aircraft during COVID-19 because they seat fewer
passengers.
    "Behaviors are changing. The buyers are no longer asking the
questions that they would have normally asked about the aircraft
in terms of performance," said Mike Amalfitano, chief executive
of Embraer SA's  EMBR3.SA  executive jets division,  during an
online briefing on the GAMA data. 
    "They're focused on how clean it is. They're focused on the
air quality." 
    Travel and manufacturing restrictions weighed on industry
deliveries, while corporate demand has remained sluggish.
     However, Tony Lefebvre, chief operating officer at
Signature Flight Support, said he is seeing "green shoots" of
demand for corporate travel as the COVID-19 vaccine is rolled
out globally.
    “We are starting to see the return of business flying,” he
told the briefing.
    Parent company Signature Aviation  SIGSI.L , a private jet
services firm, backed a joint offer earlier this month from
former Gatwick owner GIP, Blackstone Group Inc  BX.N  and Bill
Gates’ investment vehicle Cascade valuing it at $4.73 billion,
in a deal that analysts say shows the resilience of the business
aviation market.  urn:newsml:reuters.com:*:nL4N2KO3XZ urn:newsml:reuters.com:*:nL4N2KB2AD
    
    
    
    
    

 (Reporting by Allison Lampert in Montreal; Editing by Steve
Orlofsky)
 ((Allison.Lampert@thomsonreuters.com; 514-796-4212; Reuters
Messaging: allison.lampert.reuters.com@reuters.net))
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