Tue, May 10, 2011
Billings Up 40 Percent Over Q1 2010
Piper Aircraft official say the company continued an upward
performance trend in the first quarter of 2011 by significantly
growing new aircraft billings and delivering substantially more of
its flagship single-engine Meridian turboprops during the three
months ended March 31.
Piper Meridian Turboprop
First quarter 2011 new aircraft
billings were $26,159,703, more than 40 percent higher than the
company’s first quarter performance in the preceding year of
$18,458,531. Meridian turboprop deliveries increased from only two
aircraft in the first quarter of 2010 to seven of the $2
million-plus Meridians during the first three months of 2011.
The company achieved its internal first
quarter financial and delivery targets. Total new aircraft
deliveries during the reporting period declined slightly to 26
airplanes from 30 in the same period last year, offset by revenue
from higher-priced models. The better performance was achieved
during a period when the company also invested heavily in the
single-engine Altaire business jet under development.
“Strenuous efforts to rationalize
cost structure against the delivery pace, coupled with excellent
individual and team performances as we continue to broaden our
international reach, contributed to maintaining the company’s
momentum so far in 2011,” said Piper President & CEO
Geoffrey Berger. “Simultaneous with meeting our production
and financial goals, Piper is on schedule with development of the
new Altaire business jet, which represents the future of the
company.”
The first quarter 2011 performance
sustained a positive trend established during 2010 when Piper
significantly increased new aircraft market share, billings and
deliveries.
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