Textron Revising Citation Jet Production Schedule
Providence, RI . - Textron Inc. (NYSE: TXT) today announced that due to continued softening in the global economic environment, it is revising its 2009 Citation jet production schedule. The company had previously targeted about 535 Citations for delivery in 2009, up from about 475 planned for 2008.
While detailed planning is still underway, at this time, the company expects deliveries will be up slightly over 2008 next year, reflecting continued ramp-up of the new Mustang program. On this basis, the company estimates that 2009 Cessna revenues will be similar to this year’s record revenue expectation of about $5.9 billion.
Chairman, President and CEO Lewis B. Campbell said, “As we look out to the next two to three years, it is prudent for us to evaluate the proper level of jet production and deliveries to avoid significant variations and inefficiencies in annual production. We now believe that planning for more consistent levels of production during the next several years will best serve our shareholders, customers and employees.”
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