Citation Order, Delivery Rates Skyrocketing
Despite limited availability of near-term delivery slots, order and shipment activity at Cessna continues to be “extremely strong and is showing no signs of abatement anytime soon,” according to Lewis Campbell, chairman, president and CEO of Cessna parent Textron. Cessna delivered 74 Citations in the third quarter and expects to ship 85 in the fourth quarter, to bring this year’s total to more than 300. Speaking at today's earnings conference, Campbell said, "During the third quarter we received orders for 100 Citations, about a third for next year's delivery, which fills 100 percent of our 2007 delivery plan of 370 jets." With more than 140 orders already in for the fourth quarter, Cessna is looking at finishing this year with bookings for more than 400 Citations. "On our last call we said that we expected a significant increase in deliveries in 2008," Campbell said. "It's safe to say that our view for 2008 is even stronger now than last quarter, given the sustained heavy order environment." With nearly half of 2008 already sold out, Cessna might see as many as 430 Citations shipped that year. Said Campbell, "We are entering a sustained era of product deliveries, revenues and record profits, and unprecedented order visibility."