Textron: Cessna Bizjet Demand ‘Remains Unabated’
Cessna Aircraft and Bell Helicopter parent company Textron today reported revenues of $3.5 billion in the first quarter, up from $3 billion in the same period last year. According to Textron chairman, president and CEO Lewis Campbell, global demand is driving growth at the company, offsetting the effects of a softer U.S. economy. Campbell said demand for Cessna Citation business jets “remains unabated,” noting that the Wichita-based aircraft manufacturer took orders for 225 Citations in the quarter, including 36 for the new large-cabin Columbus and the 500th Citation Mustang. Cessna’s first-quarter revenues increased $278 million year-over-year, reflecting delivery of 95 business jets compared with 67 in the same period last year. Textron projects that Cessna will deliver 470 Citations by year-end, which would set a new record for the company. Meanwhile, first-quarter profits at Bell increased $28 million year-over-year, despite a $6 million revenue drop. Bell logged only 22 commercial helicopter deliveries in the quarter, down from 36 in the same three-month period last year.