Hawker Beechcraft Rocked by Turbulent 2009
Hawker Beechcraft on Tuesday reported an operating loss of $712 million on sales of $3.2 billion last year, compared with an operating profit of $140.3 million on $3.5 billion in sales in 2008. Besides lower sales last year, the company was affected by non-cash impairment and other charges totaling $726.4 million in the third quarter. The flagging sales were the result of lower volume in the company’s business and general aviation (B&GA) segment–“a result of weakness in the general aviation market throughout the year.” B&GA sales last year were $2.3 billion versus $2.8 billion in 2008. Hawker Beechcraft delivered 253 business aircraft last year, down from the 338 jets and turboprops it shipped in 2008. By model type, last year it delivered 20 Hawker 4000s (six in 2008); 35 Hawker 900XPs (50); three Hawker 850XPs (15); 13 Hawker 750s (23); 11 Hawker 400XPs (35); 16 Premier IAs (31); and 155 King Airs (178). Customer support segment sales also fell from $522.8 million in 2008 to $438.3 million as a result of lower fleet activity and the loss of sales from the company’s fuel and line operations, which it sold in 2008. Backlog as of December 31 was $3.4 billion, compared with $6.6 billion in late September, reflecting cancellations from NetJets that were disclosed in December.