PROVIDENCE – Sales of corporate jets, which have fallen sharply amid lower earnings and rising public outrage over executive perks, are unlikely to improve next year, Textron Inc. chairman and CEO Lewis B. Campbell said on Tuesday.
Campbell told an investor conference that he does not expect the market for corporate airplanes to recover until more than a year and a half after corporate earnings improve, Reuters reported.
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“I think deliveries will be slightly less next year than this year,” Campbell said. “Don’t read me as bullish on the return of business jets. I’m not bullish on it. We haven’t reached the bottom yet.”
Textron saw its first-quarter earnings drop 63 percent to $86 million, or 35 cents a share, as the Providence-based conglomerate continued to be dragged down by its shrinking finance unit and falling sales of airplanes by its Cessna division.
Textron Inc. (NYSE: TXT) is a $14.2 billion company employing 42,000 people in 28 countries. Its brands include Bell Helicopter, Cessna Aircraft Co., Jacobsen, Kautex, Lycoming, E-Z-GO and Greenlee, among others. In 2008, Textron ranked No. 173 on the Fortune 500. Additional information is available at Textron.com.
