Textron Report Shows Cessna and Bell Deliveries Down
Textron, the parent company of Cessna Aircraft and Bell Helicopter, announced fourth-quarter 2009 and end-of-year numbers this morning and the news was somber. Cessna’s revenues for the fourth quarter 2009 dropped $642 million compared with the same period in 2008. Profits decreased $170 million and the order backlog fell 29 percent from the previous quarter, to $4.9 billion, primarily the result of cancellations. Cessna delivered 289 aircraft in 2009, a dramatic drop from the original forecast of 535 deliveries. According to Textron CEO Scott Donnelly, Cessna expects to deliver 30 to 35 aircraft in this year’s first quarter but that rate will increase over the following three quarters, to 225 deliveries total. Bell Helicopter revenues for the fourth quarter dropped $51 million and the segment profit decreased $10 million. Bell delivered 153 commercial helicopters last year and expects to deliver 150 this year. The total Bell backlog at the end of the fourth quarter was $6.9 billion, up $1.3 billion from the previous quarter and driven primarily by the V-22 military program.