Cessna earnings buoy Textron’s bottom line
While Textron said last month that its finance unit dragged down income in the third quarter, dropping year-over-year from $225 million to $210 million, re

While Textron said last month that its finance unit dragged down income in the third quarter, dropping year-over-year from $225 million to $210 million, revenue and profit at its Cessna Aircraft division increased by $150 million and $16 million, respectively, over the same three-month period last year. The Wichita-based aircraft manufacturer’s backlog held strong at $15.6 billion as of September 30, up $3 billion from the end of last year, but Textron chairman, president and CEO Lewis Campbell remains cautious.

Of the orders for 484 Citations placed so far this year, only 47 were logged in the third quarter. “The order downturn has arrived more quickly than what we were expecting,” Campbell said, “as the events of the past several weeks have put a big chill on the market.”