Cessna, Bell Parent Textron Reports 2Q Loss

"Textron, parent company of Cessna Aircraft and Bell Helicopter, today reported a net loss of $58 million in the second quarter, compared with a $258 million profit in the year-ago period. Revenues were $2.6 billion, down 29 percent from the second quarter of last year. The company also downgraded its revenue forecast this year from $11 billion to $10.6 billion, mainly due to further reductions in the Cessna Citation production rate, charges to downsize Cessna’s workforce and one-time costs to cancel development of the Citation Columbus. Textron for the third time lowered this year’s Citation delivery estimate; the target now is 275 jets, down from a previous 290 to 300." AIN Online