“Transparency and innovation are at the core of our fractional model and continue to differentiate us in the marketplace,” said Brad Blettner, chief revenue officer, flyExclusive.

“The JetQuity Protect program offers a compelling proposition to our fractional customers by creating easier planning and certainty in their investment. We’re proud to further simplify the process of owning a private jet share and provide our customers with a best-in-class experience along the way.”

By paying a one-time fee upfront, owners can lock in a minimum value for their share of the jet. This protects them from the possibility that the market value of the jet could decline after five years.

In addition, regardless of how the jet market performs, the program guarantees they can sell their share for at least the predetermined price. If the market value of the jet happens to be higher than the guaranteed minimum after five years, the owner gets the higher amount.

The company said that the program provides certainty as to the future value of the asset while ensuring that fractional owners can sell their aircraft share at the guaranteed price.

flyExclusive owns and operates the second-largest fleet of Cessna Citation aircraft in the world, giving fractional owners guaranteed access to a large, versatile fleet of light, mid or super-mid aircraft with no monthly management fees.

The post flyExclusive, JetQuity launch residual value guarantee programme appeared first on Corporate Jet Investor.

“Investing in a larger and modern Textron Aviation Service Center facility in Perth allows us to grow our capacity and better assist customers with scheduled maintenance, modifications and aircraft-on-ground support,” said Brian Rohloff, senior vice president, Customer Support at Textron.

The company also announced that it will rename the recently-acquired Australian service center Premiair Aviation Maintenance to Textron Aviation Australia to fully integrate the Perth, Gold Coast and Melbourne facilities into its service network.

Beechcraft, Cessna and Hawker customers receive factory-direct support, maintenance and modifications by Textron Aviation through its global network of service and parts centers, mobile service units and 24/7 1CALL AOG (aircraft-on-ground) support.

Aftermarket parts and services accounted for nearly 39% of the Textron’s revenue during the first quarter of 2024.

The company said that it is moving to larger and modernised facilities at both Jandakot airport in Perth and Essendon Fields airport in Melbourne to grow service capacity and support parts availability in the region.

The company expects larger facility at Jandakot to increase shop capacity and aid in faster scheduling with minimal down time to keep customers flying. The new facility is expected to be fully operational by the end of July 2024.

Moreover, in Melbourne, Textron said it is adding 5,000 square feet of new parts storage to a facility near Essendon Fields airport, located within five minutes of all major carriers and the Textron Aviation Service Center. Textron Aviation anticipates being fully functional in the expanded Melbourne facility by the end of June 2024.

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Three Gulfstream deals hit the landmark for the company which was founded in 1989 by Joseph Carfgana Sr.

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“We have always prided ourselves as being one of the brokerage firms that’s been around the longest and this number is a testament to that,” Carfagna Jr. told Corporate Jet Investor.

“We realised 1,000 was probably something that was going to happen in the next few years so we made a big deal of it.

“It was exciting to count down as we got very close, but it was just business as usual.”

‘Can’t buy experience’

 The 998^th, 999^th and 1,000th transactions were for Gulfstream G450s for repeat clients.

“In 1994 when I came onboard, we were a very different company – there was no email or internet, so everything moved at a much slower pace, but the principles of what we do are still the same,” added Carfagna Jr, who is based in New Jersey, USA.

“We put a very high importance on making our clients so happy that they’re proud to refer us to their friends.”

Among the 1000 transactions, Leading Edge has completed deals on 242 Gulfstreams, 225 Cessna Citations, 131 Hawkers, 126 Bombardier Challenger and Globals and 121 Dassault Falcons.

“[The secret is] doing things methodically and having good people. You can’t buy experience,” said Carfgana Jr.

Jack Nicklaus

His father began his life in business aviation in 1967 when he joined Bill Lear to sell new airplanes in the north east of the US. One of his first sales was to the golfer Jack Nicklaus. Carfagna Sr. set up Executive Air Fleet (EAF) in 1970 and then Wings Aviation International in 1989, which eventually became Leading Edge Aviation Solutions.

Carfagna Jr. can still remember the first deal he did after joining his father in 1994.

“It was the sale of a Citation 3,” he says. “It was a moment that I won’t forget any time soon. The person we sold it to, we have sold several more airplanes to over the years.”

After all this time in the industry, Carfagna Jr. says he is rarely fazed by anything. “There really isn’t much we haven’t seen – we’ve bought and sold airplanes all over the world, of all different types and as a result when you’ve been around this long not much comes as a surprise,” he says.

‘Needs to be sold’

Of all the deals, though, one particular transaction sticks out. “We were negotiating a deal on the sale of an airplane in September 2008, right after the financial crash, and the parties were arguing over who was to get the china and flatware in the airplane,” he says.

“I advised the client to give them everything they wanted because it was going to be worth a lot less money in a week. I think we saved the client $8m over that. If they had deliberated another few days, it probably would have fallen apart. I just remember thinking, ‘This airplane needs to be sold, the money needs to be wired asap or this deal will never happen.’”

Carfagna Jr. is “fascinated” by the technological advancements in airplanes but after hanging some old sales posters at his offices he notes that manufacturers’ ambitions haven’t changed.

“The vintage ads for airplanes in the 60s and 70s all said the same thing, ‘We will fly you more efficiently, more quietly, at a cheaper cost and faster than our competitors and that’s still what they’re striving to do. They’re just getting better and better at it.”

 For Carfagna Jr., business aviation is in the blood but while he is proud of the legacy it is the future transactions that drive him.

 “Winning the next deal is something that motivates me, all of us, and creating a happy client,” said Carfagna Jr. “Those two things are the primary drivers of what makes me tick and keep doing this.”

The post Leading Edge ‘proud’ of 1,000 aircraft transactions appeared first on Corporate Jet Investor.

Service revenue hit a record high of $81.7m, reflecting a 4% growth. Equipment sales also rose 13% to $22.6m.

“Our first quarter performance was fuelled by advanced equipment revenue, which experienced a rebound from Q4 2023 and record service revenue, driven by a modest price increase and record advanced upgrades,” said Oakleigh Thorne, CEO and board chairman, Gogo Aviation in the earnings call.

Gogo is expanding its reach, with shipments of their AVANCE equipment up 16% year-over-year to 258 units. The total number of ATG aircraft online also grew slightly, reaching 7,136. Engagement with these connected aircraft remained strong, with average monthly revenue per aircraft (ARPU) rising 2% to $3,458.

Impressive financial performance wasn’t limited to the top line. Gogo’s net income surged 49% year-over-year to $30.5m, translating to diluted earnings per share of $0.23.

This strong bottom line led to a healthy cash flow position. Gogo boasted record free cash flow of $32.1m in Q1, a significant jump from the prior year’s $20.0m. The company ended the quarter with a solid cash and cash equivalents position of $152.8m.

Gearing up for their highly anticipated Gogo Galileo launch later this year, the company said it secured a key regulatory win in April 2024. The FCC granted approval for the Gogo Galileo HDX and FDX antenna terminals designed for business aircraft.

Additionally, the company said its Atlas Air Service AG is underway developing the first European Supplemental Type Certification (STC) for the Galileo HDX antenna for the Cessna CJ Series of light jet aircraft and another STC for the Embraer Phenom 300.

“We’re excited about the upcoming launches of Gogo Galileo and Gogo 5G, which will substantially increase our global addressable market and provide our customers with a step-change improvement in speed and performance,” added Thorne. “Additionally, our accelerating conversion of customers from our old Classic products to the AVANCE platform will allow customers to benefit from better LTE performance and provides a simple and cost-effective upgrade path to Galileo and 5G.”

The company also updated on its progress regarding the ongoing share repurchase. In Q1 of 2024, it repurchased 1.1m shares for $10.1m. This buyback activity adds to the over 1.6m shares repurchased in the past two quarters, totalling $15m.

In April 2024, they continued this trend with an additional 1.1m share buyback for $9.3m.

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The rule requires incorporating improved fuel-efficient technologies for airplanes manufactured after January 1, 2028, and for subsonic jet airplanes and large turboprop and propeller airplanes that are not yet certified.

The work on this rule began in 2016, when the International Civil Aviation Organization (ICAO) adopted standards for new aircraft to be 10% more fuel-efficient than previous models. The FAA, working in conjunction with industry stakeholders, then embarked on a multi-year process to develop its own, tailored rule specifically for the US market.

“We are taking a large step forward to ensure the manufacture of more fuel-efficient airplanes, reduce carbon pollution, and reach our goal of net-zero emissions by 2050,” said Mike Whitaker, administrator, FAA.

This rule applies to a wide range of aircraft, including popular models like the Boeing 777-X, Airbus A330-neo, and even business jets such as Cessna Citation and civil turboprop airplanes like ATR 72 and the Viking Air Limited Q400. Notably, it doesn’t impact currently flying aircraft, but focuses on shaping the future of a cleaner aviation industry.

This new rule is expected to deliver significant environmental benefits. Estimates suggest it could reduce carbon dioxide emissions by as much as 1.4bn tons over the next 50 years, equivalent to planting 74bn trees.

But the impact goes beyond just the environment. Airlines are likely to see cost savings from improved fuel efficiency, and the development of new technologies could boost innovation and create jobs in the aerospace sector.

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“We strive to provide excellent flying experiences for pilots, and this update for the Caravan demonstrates our commitment to incorporating the latest technology and innovation based on customer feedback,” said Lannie O’Bannion, senior vice president, Sales & Flight Operations. “We’re invested in the future of this legendary turboprop and the future of flight.”

Equipped with the Garmin G1000 NXi avionics suite, Caravan operators will experience an array of new advanced features and technology from Garmin. Notable additions that will come standard include the GDL 60 datalink, the GTX 345DR diversity transponder and the GI 275 electronic standby.

The GDL 60 will offer high-bandwidth data exchange and connectivity options, including Bluetooth, Wi-Fi and LTE networks. The GDL 60 provides cockpit and personal electronic device connectivity, and external Wi-Fi and LTE networks for external connectivity while the aircraft is on ground. It also features the ability to complete automatic wireless database downloads over network connections. The GTX 345DR will offer ADS-B Out/In standard and will also include diversity antenna coverage. The ADS-B In applications available have been expanded with the GTX 345DR to include CAVS (CDTI Assisted Visual Separation) and ROA (Runway Occupancy Awareness). The GI 275 electronic standby provides a modern, sleek glass touchscreen display.

Caravan operators will be able to choose new optional features, such as the Garmin GWX 8000 weather radar, which adds Automode and Lightning and Hail Prediction. They will also have optional Taxiway Routing, which provides visual guidance for Caravan operators when maneuvering at the airport.

Previous optional features are being refreshed for Caravan operators as well. The Synthetic Vision Technology (SVT) refresh includes enhanced terrain, airport signs and runway depictions. The SVT refresh also introduces multiple viewpoints for the first time and integrates with the new Taxiway Routing feature to display routing guidance. Additionally, Sirius XM Weather through the GDL 69A SXM has been enhanced to include new products.

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The OEM, which makes Beechcraft and Cessna aircraft, said the increase was due to higher pricing of $58m and higher volume of $51m, which included higher defense and aftermarket volume. Profit also increased in the same period from $100m to $125m, largely due to favourable pricing, inflation and higher volume.

Jet deliveries in the quarter were down from Q1 2022, to 35 jets delivered from 39 last year, while turboprop deliveries increased from 31 to 34.

At the end of Q1 2023, Textron Aviation’s backlog reached $6.5bn. Earlier this week, the firm announced the delivery of its 400^th Cessna Citation CJ4 Gen2 aircraft.

Textron Aviation Q1 financial results – at a glance

• Revenue up to $1.1bn
• 35 jets delivered, down from 39
• Profit up to $125m
• Backlog of $6.5bn

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Textron said the delivery of the Gen2 aircraft “reinforces the Citation family as the world’s most popular line of business jets”.

Lannie O’Bannion, senior vice president, Global Sales and Flight Operations, Textron Aviation said: “This aircraft is a direct response to continued conversations with our customers. Their input, combined with the excellent work by our employees, helped create an incredible aircraft. Thank you to everyone who made this milestone possible.”

The aircraft first entered service in 2010, and the company said it continues to stand out due to high performance, low operating costs and cabin amenities. The Gen2 model was unveiled in February 2021, with new design features such as enhanced lighting, a lower point of entry and more passenger comfort, according to the OEM.

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Daniels, who previously worked for Cessna for 25 years, will be based at Jet East’s Dallas facility. The maintenance firm said he will “use his expertise and skill set to advance the company’s growth”.

Brian Leitschuck, general manager, Dallas facility, Jet East said: “There is no better feeling than knowing that the Jet East name is being represented by the best that the aviation industry has to offer. Mark’s knowledge, coupled with the relationships he has established, make him the perfect candidate for this position.”

Daniels said: “I believe this is a company that truly values its employees and customers alike. I am devoted to contributing my best to the team and helping the company reach new heights.”

In October last year, Jet East acquired a full-service maintenance facility in Statesville, North Carolina.

The company was acquired by Gama Aviation in January 2021 for $8m to grow its market capabilities and close to double its US maintenance business.

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North Carolina-based operator, flyExclusive will purchase eight Cessna Citation XLS Gen2 aircraft and six Citation Longitudes (pictured), with deliveries expected in 2024 and 2025 respectively.

“This agreement reinforces flyExclusive’s rapid growth and further bolsters the company’s offerings in the fractional space,” said Jim Segrave, chairman and CEO, flyExclusive.

The company has also exercised its option to purchase another five Citation CJ3+ aircraft from its previous order of 30 CJ3+ jets earlier this year, with delivery expected in 2024.

With its fleet of 90 light, midsize, super-midsize and heavy jets, flyExclusive is a Part 135 owner and operator. The company provides jet club, partner and fractional programs.

Cessna Citation business jets are designed and built by Textron Aviation.

Ron Draper, president and CEO, Textron Aviation said: “We’re proud that flyExclusive, a growing fractional operator, has chosen the Citation XLS Gen2 and Citation Longitude to offer to their customers entering business aviation.”

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