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September 21, 2010
Textron Inc., the maker of Cessna planes, said it is cutting 700 jobs and adjusting production schedules at its Cessna unit because of continued weakness in new orders.
Manufacturing free cash flow from continuing operations this year will fall to about $400 million, from a previous target of as much as $550 million because of lower jet deliveries, the Providence, Rhode Island-based company said today in a statement. Profit, excluding some costs, will still be 55 cents to 65 cents a share this year, Textron said.
Chief Executive Officer Scott Donnelly predicted in May that results at Cessna's jet business would bottom this year as corporate earnings begin to rebound. Karen Gordon Quintal, a Textron spokeswoman, declined to provide an update for Cessna production levels.
"While we are seeing solid performance in most of our other businesses, we have not yet seen a discernable improvement in business-jet order activity," Donnelly said in the statement. "Therefore, we are taking further production and restructuring actions at Cessna."
Textron fell 12 cents to $20.07 at 9:34 a.m. in New York Stock Exchange composite trading. The shares gained 7.3 percent this year before today.
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