Gulfstream Aerospace fell short of its projected 124 aircraft deliveries last year, handing over 120 jets as three were deferred from the fourth quarter to early this year, parent company General Dynamics said this morning. The company shipped 96 large-cabin jets and 24 midsize G280s, up from 119 units (103 large cabin and 16 G280s) in 2021.

Looking ahead, General Dynamics chairman and CEO Phebe Novakovic is projecting 145 Gulfstream deliveries this year, with aerospace division revenues expected to reach $10.4 billion. She also reaffirmed the forecast for 170 aircraft shipments next year.

Despite the less favorable mix in deliveries last year, revenues at General Dynamics’s aerospace division—which also includes FBO/MRO Jet Aviation—climbed 5.3 percent year-over-year, to about $8.6 billion, while earnings rose 9.6 percent, to $1.13 billion. That’s thanks to higher service revenue at both Gulfstream and Jet Aviation, according to Novakovic.

She noted that aerospace backlog was $19.516 billion at the end of 2022—up 20 percent year-over-year and 68 percent higher than two years ago. Aerospace book-to-bill in the fourth quarter was 1.2:1, and 1.5:1 at Gulfstream alone. “Gulfstream took in 430 new aircraft orders over the last two years, with 400 net orders after cancellations,” Novakovic said, adding that aircraft sales remain strong in North America and continue to grow in the Middle East and Southeast Asia (outside of China).