Thu, Apr 02, 2009
Less Than 375 Jets Will Be Produced In '09, Report Says
Textron Incorporated is blaming
credit markets which remain challenging for additional production
cuts at its Cessna Aircraft unit. The company now says the already
adjusted projection for deliveries of 375 jets in 2009 will be
trimmed further.
As ANN reported last month, Cessna already cut
back anticipated Citation production in 2009 from approximately 535
jets. The number of these latest cutbacks -- and which lines will
be affected -- have not been announced; to date, the only Citation
line that hasn't seen its numbers cut is the entry-level Mustang
light jet.
Cessna will not be the only Textron division facing production
cuts. Bloomberg reports industrial units will share the pain.
Company spokeswoman Karen Gordon Quintal promised more details when
the company issues its first-quarter earnings report on April
29.
Textron has told analysts it expected to finish the quarter
Tuesday with receivables reduced by at least $800 million, ahead of
its own schedule, and to end the period with more than a billion in
cash. The company expects to complete the sale of its HR Textron
unit to Woodward Governor Company tomorrow, bringing in 265-million
dollars in after-tax cash.
Textron made its first-ever quarterly dividend cut last month to
conserve cash. Standard & Poor’s cut its debt rating for
both the parent company, and for the Textron Financial Corporation,
which has announced it will pull out of financing anything but the
parent company's own products.
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