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.

FMI: www.piper.com