Textron Aviation closed the fourth quarter with a 12 percent increase in revenue, to $1.6 billion, on higher deliveries of 63 business jets and 67 turboprops. The 9 percent increase in jet deliveries, up from 58 in the same quarter of 2017, and 49 percent jump in turboprops, up from 45 aircraft, contributed to âa very strong quarterâ at parent company Textron chairman and CEO Scott Donnelly said this morning.
Order demand was up across the companyâs Citation product line, including for the CJ4, Sovereign, and Latitude. For all of 2018, the Wichita-based airframer delivered 188 jets compared with 180 in 2017, and 186 turboprops versus 155. Backlog was $1.8 billion, flat from the end of the third quarter but up $600 million from a year ago.
Donnelly noted that its newest jet, the Longitude, received provisional type certification in the quarter. But he didnât offer an exact date in 2019 for when he expects the super-midsize jet to receive full approval from the FAA. âI know weâre getting close,â he said.
Issues with the FAA around the Longitudeâs fuel system have been resolved, he said, and now âweâre just doing documentation. There are no technical issues,â Donnelly said. âItâs just something that we have to finalize these documents and get done.â
During the fourth quarter, NetJets booked nine firm orders for the Longitude, it confirmed to AIN; Donnelly expects these twinjets will be delivered to the fractional provider in the third or fourth quarter. These are from NetJets' agreement with Textron announced at NBAA 2018 in October for an option to purchase up to 175 Longitudes and 150 Hemispheres.
NetJets also is working with Textron on the concept design and specifications of the large-cabin Hemisphere, he said. âWe will not ramp a lot of spending into that until weâre confident that the [Snecma Silvercrest] engine program is in good shape,â Donnelly added. He expects to know more mid-year about how Snecma is working issues with the engineâs high-pressure axial compressor.
As for Textronâs two other airplane development programs, the single-engine turboprop Denali and twin-engine turboprop SkyCourier, Donnelly said he expects both to make their maiden flights this year. âOur teams are a little bit stretched here with a lot of our engineering resources tied up on the Longitude, but theyâre working hard to get those first flights this year,â he said.