Latest news with #G800
Yahoo
a day ago
- Business
- Yahoo
Exclusive: Trump admin seeks new jet to shuttle around Attorney General Pam Bondi and FBI Director Kash Patel
The FBI is seeking an ultra-long-range business jet to fly agents and other bureau personnel to far-flung global locations for counterterrorism response, 'high-risk operations,' and other 'sensitive missions,' according to a tranche of federal procurement documents reviewed by The Independent. Alongside the government's request for proposals, a related statement of objectives says the aircraft 'will also support executive transportation requirements for the FBI Director and the U.S. Attorney General,' namely, Kash Patel and Pam Bondi, who have both faced withering scrutiny in recent weeks over their handling of the fallout from the non-release of the Epstein files. In May, the U.S. Government Accountability Office reportedly initiated an investigation into Patel's supposedly robust personal use of the FBI's existing fleet of private jets. However, a Department of Justice official said on Wednesday that the plan had not been approved by Bondi, who is not in favor of the purchase. 'The FBI has an independent procurement process for the director and their agents,' DOJ spokesman Gates McGavick told The Independent. 'Neither the attorney general nor other DOJ leadership knew about this and see no need for its use in Main Justice.' 'Main Justice' is the colloquial name for DOJ headquarters. The plane will be required to fly at speeds of Mach 0.83 or higher, with Mach 0.85 listed as 'preferred.' It must have a minimum range of 7,000 nautical miles, be able to seat at least 12 passengers, three crew, and 1,000 lbs. of cargo, the RFP states. That means the feds need something along the lines of a Gulfstream G800, which seats 19 and can travel 7,000 nautical miles at Mach 0.90, or a Bombardier Global 8000, which seats 19 and can travel 8,000 nautical miles at Mach 0.94. The RFP, which was issued July 11, says the bureau's Critical Incident Response Group will lease the aircraft for an initial one-year period, with the possibility of four one-year extensions, after which the government will have the option to purchase the jet outright. The documents do not explain how the plane will be shared between one of the FBI's most elite tactical units and two of the administration's highest-ranking officials. No prices are included in the solicitation paperwork, but the G800 starts at about $72.5 million, while the base model Global 8000 lists for roughly $78 million. The FBI paid $2.4 million to lease a Gulfstream V for six months in 2016, after a procurement process marked by numerous deficiencies, according to an audit the following year by the DOJ's Office of the Inspector General. Craig Holman, a governmental ethics and campaign finance expert at Washington, D.C. watchdog nonprofit Public Citizen, says the expenditure shows the Trump team going against its relentless claims of 'cost-efficiency.' 'For an administration that wants to put on a veneer of cutting waste, fraud and abuse in government spending, it sure doesn't have any qualms when it comes to lavish spending on expensive new jets and other luxuries for itself,' Holman told The Independent. This will be the third luxury aircraft so far being budgeted for travel by cabinet officials and the president, according to Holman. 'There is the extravagant Boeing [747] being bought from Qatar for Trump, a Gulfstream IV luxury jet for Homeland Security Director Kristi Noem, and now, an opulent long-range jet for FBI Director Patel and Attorney General Bondi for their traveling comfort. Meanwhile, the administration is slashing spending on health care, education and worker safety for the rest of us.' Trump has said Qatar is 'gifting' the 747 to the Department of Defense for his use as an especially opulent Air Force One, but the Air Force itself pegs the cost of modifying the plane for such use at some $400 million. An FBI spokesman told The Independent that the new aircraft lease will in fact be more cost-effective. 'The plane in question is for critical functions such as hostage rescue team deployments, international operations, SWAT ops, and other national security related purposes – but the current lease structure is unnecessarily wasteful,' the spokesman said. 'As we've done with other assets, like moving the headquarters building, the FBI is evaluating available options to better serve the American people at a much lower and more efficient cost to the taxpayer.' As for the business jet to be split between Bondi, Patel, and the FBI, the successful bidder will deliver the private jet to the bureau's Aviation Operations Hangar at the Manassas Regional Airport in Manassas, Virginia, by next summer. 'The aircraft shall be fully mission operational and flight-ready, with all required Government-installed modifications (including secure communications suite), no later than June 24, 2026,' the RFP tells prospective sellers. In addition to hardened comms, the cabin must have two lavatories, one crew rest seat, one galley with microwave, coffee maker, refrigerator, sink and ice and beverage storage, according to the request. The bureau's 'preferred' features include four 'cabin zones with solid dividers, and a 'dedicated crew rest area with layflat seats/bunk,' it says. As far as cosmetics go, the aircraft's interior components – seating, cabinetry, flooring, lighting – must be in 'good condition, with no excessive wear, staining or damage,' the RFP states. Before delivery, the request says the jet 'shall be thoroughly cleaned inside and out,' and exterior paint 'shall be free of major defects, corrosion, or significant fading.' Further, the plane should have less than 2,500 hours of flight time, and be less than five years old. The contractor will be responsible for all scheduled and unscheduled maintenance, to be conducted at FAA-approved facilities, according to the RFP. The FBI will oversee minor routine tasks such as tire and fluid replacement, as well as 'minor repairs.' The flight crews will be provided by the FBI, which will 'maintain sole operational control,' the RFP states, adding that the bureau is self-insured up to $5 million for all flight operations. 'In excess of this limit, [the] FBI will seek Congressional appropriations,' the RFP says. In the six months since President Trump began his second stint in the White House, the administration has, among other things, decimated school lunch programs, thrown millions off of Medicaid, and enacted tax cuts that will boost incomes for the wealthy while raising taxes on working Americans. Solve the daily Crossword
Yahoo
a day ago
- Business
- Yahoo
Exclusive: Pam Bondi says she doesn't want new jet after The Independent exposes FBI plan for new airplane to shuttle her around
The FBI is seeking a new private jet, which will be used not only by the bureau's elite Critical Incident Response Group, but also for 'executive transportation' by FBI Director Kash Patel and Attorney General Pam Bondi. However, following a report on Wednesday by The Independent about the intended acquisition, a spokesman for Bondi now claims the AG is against the purchase and wants nothing to do with it. 'The FBI has an independent procurement process for the director and their agents,' Department of Justice spokesman Gates McGavick told The Independent. 'Neither the attorney general nor other DOJ leadership knew about this and see no need for its use in Main Justice.' 'Main Justice' is the colloquial name for DOJ headquarters. A DOJ source said Bondi would like to see the FBI's request for proposals rescinded, and that she is happy with her present travel arrangements. At the same time, an FBI spokesman told The Independent that obtaining a new jet will actually be a money-saver for taxpayers. 'The plane in question is for critical functions such as hostage rescue team deployments, international operations, SWAT ops, and other national security related purposes – but the current lease structure is unnecessarily wasteful,' the spokesman said. 'As we've done with other assets, like moving the headquarters building, the FBI is evaluating available options to better serve the American people at a much lower and more efficient cost to the taxpayer.' The ultra-long-range business jet is meant to fly agents and other bureau personnel to far-flung global locations for counterterrorism response, 'high-risk operations,' and other 'sensitive missions,' according to procurement documents reviewed by The Independent. Alongside the government's request for proposals, a related statement of objectives says the aircraft 'will also support executive transportation requirements for the FBI Director and the U.S. Attorney General,' namely, Patel and Bondi. The feds want a plane that flies at speeds of Mach 0.83 or higher, with Mach 0.85 listed in the RFP as 'preferred.' It must have a minimum range of 7,000 nautical miles, be able to seat at least 12 passengers, three crew, and 1,000 lbs. of cargo, the RFP states. That means the feds need something along the lines of a Gulfstream G800, which seats 19 and can travel 7,000 nautical miles at Mach 0.90, or a Bombardier Global 8000, which seats 19 and can travel 8,000 nautical miles at Mach 0.94. No prices are included in the solicitation paperwork, but the G800 starts at about $72.5 million, while the base model Global 8000 lists for roughly $78 million. The FBI paid $2.4 million to lease a Gulfstream V for six months in 2016, after a procurement process marked by numerous deficiencies, according to an audit the following year by the DOJ's Office of the Inspector General. In May, Patel told legislators that the FBI was spending far beyond its means and was $1 billion in the red. The 45-year-old Las Vegas resident has been pilloried in recent months for his apparently robust use of the FBI's private jet fleet to make personal trips. Government officials are required to reimburse the cost of any flights – at commercial coach fares – that are not for official business. Patel has reportedly used government aircraft to visit Nashville, Tennessee, where his country-singer girlfriend lives, to go to hockey games in New York City, to go to Las Vegas and to attend at least one UFC fight in Miami, where he sat ringside with President Trump. In May, Senate Democrats requested that the U.S. Government Accountability Office look into Patel's travel on government planes, which he is required to do, while at the same time making them unavailable for FBI emergencies. 'Those aircraft have been procured or leased specifically to support operational needs,' former FBI counterterrorism official Christopher O'Leary told CBS News in April. 'The concern is that the routine use of them by the director and deputy director for personal travel could take a critical resource offline when they are sometimes needed at a moment's notice.' Craig Holman, a governmental ethics and campaign finance expert at Washington, D.C. watchdog nonprofit Public Citizen, says the expenditure shows the Trump team going against its relentless claims of 'cost-efficiency.' 'For an administration that wants to put on a veneer of cutting waste, fraud and abuse in government spending, it sure doesn't have any qualms when it comes to lavish spending on expensive new jets and other luxuries for itself,' Holman told The Independent. '... Meanwhile, the administration is slashing spending on health care, education and worker safety for the rest of us.' Since Trump retook the White House in January, the administration has decimated school lunch programs, thrown millions off of Medicaid and enacted tax cuts that will boost incomes for the wealthy while raising taxes on working Americans, experts say. Before he took over as head of the FBI, Patel slammed then-FBI Director Christopher Wray for using bureau aircraft for personal trips, telling his podcast audience that Wray's flights should be 'ground[ed]. (Wray said he reimbursed the government for all personal use.) Bondi and Patel clashed earlier this year over the so-called Epstein files, the FBI documents related to its investigation of the notorious sex offender whose ties to the rich and famous, including Donald Trump, are now well-known. 'Dear Director Patel, Before you came into office, I requested the full and complete files related to Jeffrey Epstein,' Bondi wrote in a February 27 letter. '... Late yesterday; I learned from a source that the FBI Field Office in New York was in possession of thousands of pages of documents related to the investigation and indictment of Epstein. Despite my repeated requests, the FBI never disclosed the existence of these files.' The files have still not been released, with Bondi recently announcing that Epstein's hotly anticipated 'client list,' which she once said was 'on her desk' and ready for public dissemination, did not in fact exist.
The Independent
a day ago
- Business
- The Independent
Exclusive: Pam Bondi says she doesn't want new jet after The Independent exposes FBI plan for new airplane to shuttle her around
The FBI is seeking a new private jet, which will be used not only by the bureau's elite Critical Incident Response Group, but also for 'executive transportation' by FBI Director Kash Patel and Attorney General Pam Bondi. However, following a report on Wednesday by The Independent about the intended acquisition, a spokesman for Bondi now claims the AG is against the purchase and wants nothing to do with it. 'The FBI has an independent procurement process for the director and their agents,' Department of Justice spokesman Gates McGavick told The Independent. 'Neither the attorney general nor other DOJ leadership knew about this and see no need for its use in Main Justice.' 'Main Justice' is the colloquial name for DOJ headquarters. A DOJ source said Bondi would like to see the FBI's request for proposals rescinded, and that he is happy with her present travel arrangements. At the same time, an FBI spokesman told The Independent that obtaining a new jet will actually be a money-saver for taxpayers. 'The plane in question is for critical functions such as hostage rescue team deployments, international operations, SWAT ops, and other national security related purposes – but the current lease structure is unnecessarily wasteful,' the spokesman said. 'As we've done with other assets, like moving the headquarters building, the FBI is evaluating available options to better serve the American people at a much lower and more efficient cost to the taxpayer.' The ultra-long-range business jet is meant to fly agents and other bureau personnel to far-flung global locations for counterterrorism response, 'high-risk operations,' and other 'sensitive missions,' according to procurement documents reviewed by The Independent. Alongside the government's request for proposals, a related statement of objectives says the aircraft 'will also support executive transportation requirements for the FBI Director and the U.S. Attorney General,' namely, Patel and Bondi. The feds want a plane that flies at speeds of Mach 0.83 or higher, with Mach 0.85 listed in the RFP as 'preferred.' It must have a minimum range of 7,000 nautical miles, be able to seat at least 12 passengers, three crew, and 1,000 lbs. of cargo, the RFP states. That means the feds need something along the lines of a Gulfstream G800, which seats 19 and can travel 7,000 nautical miles at Mach 0.90, or a Bombardier Global 8000, which seats 19 and can travel 8,000 nautical miles at Mach 0.94. No prices are included in the solicitation paperwork, but the G800 starts at about $72.5 million, while the base model Global 8000 lists for roughly $78 million. The FBI paid $2.4 million to lease a Gulfstream V for six months in 2016, after a procurement process marked by numerous deficiencies, according to an audit the following year by the DOJ's Office of the Inspector General. In May, Patel told legislators that the FBI was spending far beyond its means and was $1 billion in the red. The 45-year-old Las Vegas resident has been pilloried in recent months for his apparently robust use of the FBI's private jet fleet to make personal trips. Government officials are required to reimburse the cost of any flights – at commercial coach fares – that are not for official business. Patel has reportedly used government aircraft to visit Nashville, Tennessee, where his country-singer girlfriend lives, to go to hockey games in New York City, to go to Las Vegas and to attend at least one UFC fight in Miami, where he sat ringside with President Trump. In May, Senate Democrats requested that the U.S. Government Accountability Office look into Patel's travel on government planes, which he is required to do, while at the same time making them unavailable for FBI emergencies. 'Those aircraft have been procured or leased specifically to support operational needs,' former FBI counterterrorism official Christopher O'Leary told CBS News in April. 'The concern is that the routine use of them by the director and deputy director for personal travel could take a critical resource offline when they are sometimes needed at a moment's notice.' Craig Holman, a governmental ethics and campaign finance expert at Washington, D.C. watchdog nonprofit Public Citizen, says the expenditure shows the Trump team going against its relentless claims of 'cost-efficiency.' 'For an administration that wants to put on a veneer of cutting waste, fraud and abuse in government spending, it sure doesn't have any qualms when it comes to lavish spending on expensive new jets and other luxuries for itself,' Holman told The Independent. '... Meanwhile, the administration is slashing spending on health care, education and worker safety for the rest of us.' Since Trump retook the White House in January, the administration has decimated school lunch programs, thrown millions off of Medicaid and enacted tax cuts that will boost incomes for the wealthy while raising taxes on working Americans, experts say. Before he took over as head of the FBI, Patel slammed then-FBI Director Christopher Wray for using bureau aircraft for personal trips, telling his podcast audience that Wray's flights should be 'ground[ed]. (Wray said he reimbursed the government for all personal use.) Bondi and Patel clashed earlier this year over the so-called Epstein files, the FBI documents related to its investigation of the notorious sex offender whose ties to the rich and famous, including Donald Trump, are now well-known. 'Dear Director Patel, Before you came into office, I requested the full and complete files related to Jeffrey Epstein,' Bondi wrote in a February 27 letter. '... Late yesterday; I learned from a source that the FBI Field Office in New York was in possession of thousands of pages of documents related to the investigation and indictment of Epstein. Despite my repeated requests, the FBI never disclosed the existence of these files.' The files have still not been released, with Bondi recently announcing that Epstein's hotly anticipated 'client list,' which she once said was 'on her desk' and ready for public dissemination, did not in fact exist.
Yahoo
a day ago
- Business
- Yahoo
GD Q2 Deep Dive: Backlog Growth and Defense Demand Drive Strong Quarter
Aerospace and defense company General Dynamics (NYSE:GD) reported Q2 CY2025 results exceeding the market's revenue expectations , with sales up 8.9% year on year to $13.04 billion. Its non-GAAP profit of $3.74 per share was 5.6% above analysts' consensus estimates. Is now the time to buy GD? Find out in our full research report (it's free). General Dynamics (GD) Q2 CY2025 Highlights: Revenue: $13.04 billion vs analyst estimates of $12.34 billion (8.9% year-on-year growth, 5.7% beat) Adjusted EPS: $3.74 vs analyst estimates of $3.54 (5.6% beat) Adjusted EBITDA: $1.53 billion vs analyst estimates of $1.46 billion (11.7% margin, 4.7% beat) Operating Margin: 10%, in line with the same quarter last year Backlog: $103.7 billion at quarter end, up 13.6% year on year Market Capitalization: $85.13 billion StockStory's Take General Dynamics delivered a second quarter that exceeded Wall Street's expectations, prompting a positive market response. Management attributed the company's performance to robust order activity, especially in the Marine Systems segment, and continued operational improvements within Aerospace. CEO Phebe Novakovic highlighted strong operating leverage, noting that all four business segments contributed to the company's year-over-year growth in revenue, earnings, and cash generation. Management credited record backlog levels and improved supply chain performance, particularly for Gulfstream jets, as key drivers behind the quarter's results. Looking ahead, General Dynamics' forward outlook revolves around sustained defense demand, new platform deliveries in Aerospace, and productivity enhancements across its businesses. Management pointed to the ramp-up of G800 jet deliveries, ongoing investments in submarine production, and improved throughput at shipyards as factors expected to shape the second half of the year. CEO Phebe Novakovic stated, 'We feel very good about the potential for the year,' while also noting that Aerospace operating margin will face some pressure from product mix, but is expected to recover as higher-margin models gain traction. Key Insights from Management's Remarks Management identified record defense backlog, strong Aerospace demand, and improvements in operational execution as the major themes shaping Q2 performance and near-term outlook. Marine Systems contract wins: The Marine segment secured major submarine construction contracts, boosting order backlog by 38%. Management emphasized that increased funding will support shipyard productivity, wage increases, and workforce training, helping to stabilize the submarine supply chain and improve delivery cadence. Aerospace delivery progress: Gulfstream delivered 38 aircraft, including more G700s as supply chain reliability improved. CEO Novakovic said all G700 retrofit aircraft are now delivered, with initial G800 deliveries set for Q3, highlighting customer interest from Fortune 500 companies. Aerospace saw a 1.3x book-to-bill ratio, reflecting continued demand across model lines and regions. Operational leverage and cost control: The company achieved double-digit growth in operating earnings and cash flow, supported by ongoing efforts to optimize manufacturing and working capital. Newly appointed EVP of Global Operations Danny Deep outlined a renewed focus on continuous improvement across the value chain to drive value creation. Technologies segment momentum: GDIT and Mission Systems both reported solid quarters, with GDIT navigating contract scope changes and slower-than-usual adjudications. Mission Systems is transitioning to higher-margin programs and investing in areas such as unmanned platforms and high-speed encryption, supporting future backlog growth. Combat Systems resilience: Despite flat revenue, Combat Systems achieved higher margins and noted growth in its European operations, benefiting from increased defense spending in the region. Management cited the cancellation of the Booker program as a U.S. headwind, but remains optimistic about new opportunities tied to next-generation platforms and munitions expansion. Drivers of Future Performance General Dynamics expects continued growth to be driven by defense demand, execution on new aerospace deliveries, and ongoing productivity initiatives, while acknowledging risks from supply chain variability and contract timing. Defense backlog and contract execution: Management highlighted the company's record defense backlog and contract value, noting that execution on major submarine and combat vehicle contracts will be a primary driver of revenue and operating margin. Progress in stabilizing the submarine supply chain is expected to gradually improve Marine segment profitability, though some near-term variability may persist. Aerospace product mix and ramp-up: The cadence of new jet deliveries, particularly the G800, will influence Aerospace segment margins. Management expects initial G800 deliveries to carry lower margins, with improvement as production matures and higher-margin models increase in mix. Any supply chain setbacks or delays could impact the segment's path to margin recovery. Adjudication pace and margin pressures: The Technologies segment's outlook depends on the pace of government contract adjudications and demand for high-speed encryption and digital modernization services. Management cautioned that contract delays or changes in federal spending priorities may introduce short-term revenue and margin fluctuations. Catalysts in Upcoming Quarters In the coming quarters, StockStory analysts will be monitoring (1) progress on ramping up G800 and G700 jet deliveries and their impact on Aerospace margins, (2) throughput and productivity improvements in the Marine segment as new funding and workforce initiatives take hold, and (3) the pace of contract adjudications and backlog conversion in the Technologies and Combat Systems segments. The ability to maintain operating leverage while navigating supply chain and government spending uncertainties will be central to results. General Dynamics currently trades at $316.88, up from $297.34 just before the earnings. Is there an opportunity in the stock?The answer lies in our full research report (it's free). High Quality Stocks for All Market Conditions Donald Trump's April 2024 "Liberation Day" tariffs sent markets into a tailspin, but stocks have since rebounded strongly, proving that knee-jerk reactions often create the best buying opportunities. The smart money is already positioning for the next leg up. Don't miss out on the recovery - check out our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today. StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
2 days ago
- Business
- Reuters
General Dynamics profit, revenue beat estimates on strong marine business, jet deliveries
July 23 (Reuters) - General Dynamics' (GD.N), opens new tab second-quarter profit and revenue topped analyst estimates on Wednesday, driven by robust orders in its marine segment from Columbia- and Virginia-class submarine programs, boosting shares 5% in early trading. The defense company's nuclear-powered submarine-making marine systems segment produced 22.2% more revenue. The unit is now expected to generate 2025 revenue of $15.6 billion with a 7% margin. During the quarter, the Pentagon modified a submarine production contract awarded to the company's marine segment, raising the value by $1.85 billion. The company entered into a new contract with union members at its submarine-making unit, averting a shortage of skilled labor that has contributed to delays in U.S. Navy shipbuilding schedules. The technologies segment, which makes products for a range of military, intelligence, federal civilian, and state customers, generated 5.5% more revenue year-on-year. Defense manufacturers benefited from strong demand for weapons and other military equipment during the quarter, owing to geopolitical uncertainty and ongoing conflicts in the Middle East. New bookings during the quarter were 2.4 times its billing for General Dynamics' defense segments, indicating a strong order book. However, revenue within the combat systems part of the defense business, which manufactures land combat vehicles, weapons systems, and munitions, edged down 0.2% after taking a hit from the cancellation of the M10 Booker contract by the Pentagon as well as production delays owing to supply chain woes. Annual revenue in the combat segment is forecast to be $9.2 billion with a 14.5% margin. The Reston, Virginia-based company's quarterly adjusted profit was $3.74 per share, compared with analysts' estimates of $3.53 per share, according to data compiled by LSEG. It expects profit for the year to range between $15.05 and $15.15 per share. General Dynamics' aerospace segment, which is recovering from supply chain problems and longer certification times, ramped up deliveries during the quarter ended June 29. During the period, the Gulfstream jet maker's new G800 plane, the world's longest-range business aircraft, earned certification from the Federal Aviation Administration and the European Union Aviation Safety Agency. The plane has a range of 8,200 nautical miles (15,186 kilometers) at the Mach 0.85 long-range cruise speed, the company has said. The segment's aircraft deliveries hit 38 in the second quarter, compared with 37 in the same period a year ago. In the first quarter, the company delivered 36 Gulfstream jets. The aerospace unit's new bookings during the quarter were 1.3 times its billing. "This is the strongest first half for orders since 2022 and reflected strong demand across the entire Gulfstream product line," Chief Financial Officer Kimberly Kuryea said on a call with analysts. Revenue in the aerospace segment rose 4.1% from a year ago. Its annual revenue is estimated at $12.9 billion, with an operating margin of 13.5%. General Dynamics' total quarterly revenue of $1.3 billion beat Wall Street analysts' estimate of $1.23 billion. Total revenue for fiscal year 2025 is projected at $51.2 billion, with a 10.3% operating margin.
