Textron Adjusts Business Jet Outlook | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Airborne Unlimited-
Monday

Airborne-Unmanned w/AUVSI-
Tuesday

Airborne Unlimited-
Wednesday

AMA Drone Report-
Thursday

Airborne Unlimited-
Friday

Airborne On ANN

Airborne 05.21.18

Airborne-UnManned 05.22.18

Airborne 05.23.18

AMA Drone Report 05.24.18

Airborne 05.25.18

Airborne-YouTube

Airborne 05.21.18

Airborne-UnManned 05.22.18

Airborne 05.23.18

AMA Drone Report 05.24.18

Airborne 05.25.18

Tue, Sep 21, 2010

Textron Adjusts Business Jet Outlook

Cessna Says It will Cut 700 Jobs

ANN Realtime Update 09.21.2010 1530

Cessna said Tuesday it will cut another 700 positions because of the sluggishness of the economy.

Multiple media sources indicate that Cessna CEO Jack Pelton sent an e-mail Tuesday to Cessna employees announcing the move. Pelton said that cancellations have slowed, but that "the recovery and growth we expected to see throughout the year have not materialized, and the timing of any recovery remains uncertain."

The 700 jobs to be cut are in addition to the 8,000 positions Cessna has shed since 2008. The company has about half as many workers at its Wichita operations than it did late in that year.

The Associated Press reports that company spokesperson Doug Oliver said the timing of the layoff notices had not yet been determined. He said the layoffs would be company-wide.

Union machinists at Cessna this past weekend ratified a new seven-year contract by default when a strike resolution failed to get a favorable vote from a majority of the union membership. A majority voted to reject the contract, but did not vote to walk off the job. Oliver said the two events were unrelated.

Original Story: Cessna parent Textron reported Tuesday that it is adjusting aircraft production schedules and reducing headcount at its Cessna business unit due to continued weakness in new aircraft orders.

"While we are seeing solid performance in most of our other businesses, we have not yet seen a discernible improvement in business jet order activity," said Textron chairman and chief executive officer Scott C. Donnelly. "Therefore, we are taking further production and restructuring actions at Cessna."

The company still expects 2010 earnings per share from continuing operations excluding special charges to be in the range of $0.55 to $0.65. Manufacturing free cash flow from continuing operations for the year is now expected to be approximately $400 million, compared to a previous target of $500 - $550 million, reflecting lower expected jet deliveries.

Higher finance receivable liquidations at Textron Financial should more than offset the lower expected cash from manufacturing operations, as the company now expects to reduce receivables by $2.4 billion this year, up from its previous target of $2.0 billion and its original target of $1.6 billion. During the third quarter, the company repaid the $665 million balance remaining on the Textron Inc. $1.25 billion bank line. The company continues to be on track to reduce net debt below $5.5 billion by the end of the year.

Textron plans to issue third quarter financial results on Wednesday, October 20, 2010.

FMI: www.textron.com

Advertisement

More News

Michael Goulian Takes World Championship Lead To Chiba's Red Bull Air Race

Seasons Third Stop Set For This Weekend In Japan Hot on the heels of Qualifying win and third-place race result at Cannes, France, this weekend American pilot Michael Goulian will >[...]

Search For MH370 To Be Suspended

Malaysian Government Says It Has No Plans To Continue Beyond May 29 The Malaysian government has announced that it will end its search for the main wreckage of MH370, a Malaysian A>[...]

Airborne 05.23.18: KSMO Legal Woes, B777X Folding Wingtip, #OSH18COOL Campaign

Also: 2nd ERAU Arrow Wing Cracked, Memphis Airport, Orbital ATK Launch, Flexjet Pilot Salaries Last week, representatives from the City of Santa Monica and the FAA sat before a jud>[...]

Airborne-Unmanned 05.22.18: Aurora ACUS, Horsefly Delivers, K2 LEO UAS

Also: Aero-TV: Textron's X5-55, InfraDrone App, NASA's Mars Helicopter, Gremlins on Track This month, Aurora’s Autonomous Aerial Cargo Utility System (AACUS) successfully del>[...]

ANNouncement: Now Accepting Applications For Oshkosh 2018 Stringers!!!

An Amazing Experience Awaits The Chosen Few... E-I-C Note: There's very little we can say yet, but there is a reason why this may be THE year to throw in with ANN to cover the extr>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2018 Web Development & Design by Pauli Systems, LC