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Fri, Oct 21, 2005

Cessna Looking Good, But Textron Loses Money

Wichita-Plane Maker Says 2006 Looks Even Better

Battered by Hurricane Katrina and forced by economics to write down the cost of a fastener division, Textron lost money in the third quarter -- about $164 million. But the company's Cessna division is going strong, on the road to recovery after the industry slump that began with the terrorist attacks of 9/11.

The Wichita Eagle reports, even as Textron deals with problems in other divisions, Cessna brought in $890 million worth of business during the three-month period ending October 1st. That's up from $699 million during the same quarter last year. While the venerable general aviation manufacturer plans to deliver up to 245 jets this year, it forecasts 290 jet deliveries next year. Fifty of those orders will be for the new Citation Mustang.

"It appears that 2007 is going to be another solid growth year," said Textron CEO Lewis Campbell in a conference call with reporters -- quoted by the Eagle.

FMI: www.cessna.com

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