Cessna Aircraft delivered 79 business jets in the fourth quarter, for a total of 179 on the year, and executives are optimistic that the manufacturer will deliver at least as many jets, if not a little more, in 2011.
Cessna parent Textron today reported that the aircraft manufacturer’s revenues increased $105 million in the fourth quarter to $960 million, and the business jet maker returned to profitability after a loss in the third quarter. Cessna posted a $23 million fourth quarter profit, but a $29 million loss on the year.
Fourth quarter profit was down $5 million from a year earlier, the company says, “as the profit from higher volumes was more than offset by the impact of manufacturing inefficiencies relate to low production levels, lower deposit forfeiture income and higher used aircraft write-downs.”
But Textron Chairman and CEO Scott Donnelly says, “The most encouraging news in the quarter was the noticeable improvement in the demand environment for business jets, as well as commercial helicopters.” Cessna booked the highest number of gross business jet orders in the fourth quarter since the third quarter of 2008, Donnelly notes.