NetJets’ earnings fall on a 27% decline in flight hours

NetJets

Berkshire Hathaway’s Service group, which houses NetJets and Flight Safety, saw revenues drop by $1.15 billion (8.5%) in 2020 compared to 2019. Pre-tax earnings decreased $81 million (4.8%)

The world’s largest private jet operator, NetJets, Inc., saw a drop in flight hours and pre-tax earnings, according to Berkshire Hathaway’s 2020 annual report, released today.

NetJets adds the Citation Latitude, Challenger 350 and 650 to jet card line-up

NetJets cost

The new private jets replace previous offerings for the Falcon 2000 and Citation X

Last month we reported NetJets restructured its jet card program eliminating fuel surcharges and cutting prices.

It also added jet cards with the Cessna Citation Latitude and Bombardier’s Challenger 350 and 650 in its Classic Card (nee Marquis Jet) and Elite Card formats.

Is NetJets worth the price?

NetJets may be ubiquitous with the concept of fractional ownership, and by far the dominant player in the market, but the big question remains, is the unit of Berkshire Hathaway worth a premium?

(Updated Feb. 26, 2021) – There’s no question NetJets is the biggest player in the private aviation sector. And for the over 3,000 subscribers to Private Jet Card Comparisons since we launched just over three years ago (Thank you!), I get to talk with perhaps 20%. It is likely more day-in-day-out contact with private aviation consumers than any other journalist. And if there is one company that comes up more than others, it’s NetJets.

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