⁍ Textron Inc reported a 48% fall in quarterly profit as the Cessna business jet maker’s big corporate clients canceled aircraft orders or deferred deliveries to cut costs during the coronavirus crisis.
The company’s business jet deliveries fell 44% to 25 planes in the third quarter ended Oct. 3, but recovered from a 50% slump in the second quarter

– Textron’s third-quarter profit fell 48% as the H1N1 virus took a toll on business jet deliveries, Reuters reports. The company’s business jet deliveries fell 44% to 25 planes in the third quarter, but recovered from a 50% slump in the second quarter. Even though new jet deliveries have continued to decline this year, the pandemic has underscored the lower risk profile of these smaller planes that carry fewer travelers than large commercial airplanes. That has led affluent travelers to ramp up orders of pre-owned business jets by 9% to 643 during the third quarter, data from aviation market research firm JetNet IQ showed, with companies like Textron likely to benefit as this could translate to new aircraft orders in the future.