Cessna Revenue Up 15 Percent in 2Q
Cessna parent Textron said today that revenue for the Wichita-based manufacturer was up by 15 percent in the second quarter of the year, representing a $198 million increase to $1.3 billion compared with the same period last year. Profits for the second quarter were up, too–by $47 million, to $200 million. According to Textron executives, Cessna’s “excellent execution” led to the delivery of 95 Citations in the second quarter, up five from previous estimates. That number included 10 Mustangs. As a result, the company increased delivery estimates to 380 jets this year, and 470 next year. Executives said the company also booked orders for “an amazing” 282 Citations during the quarter, mainly thanks to a $1 billion order from NetJets. Cessna’s backlog now stands at $10.4 billion, and the Citation order book is sold out through the end of next year. In all, Textron said it expects Cessna to finish the year with $4.9 billion in revenue. Textron, which also owns Textron Financial and Bell Helicopter, said it expects to grow at close to a double-digit rate for the rest of the decade and beyond.