NEW YORK, Dec 14 (Reuters) - Textron Inc (TXT.N) expects its 2011 deliveries of Cessna corporate jets to be “modestly higher” than 2010 levels as demand for the aircraft slowly recovers, a top executive said.
But the world’s largest maker of corporate jets expects its rate of production of the aircraft to be somewhat lower next year as it works through inventory built up early in 2010 amid an expectation of a stronger rebound in demand, Chief Financial Officer Frank Connor told an investor meeting on Tuesday.
“The market remains fragile,” Connor said in regard to Cessna. “We believe the market continues to heal, but we still don’t expect the market to come back very rapidly. We’re still planning on a relatively modest pace of recovery.”
Textron’s competitors in the corporate jet business include the Gulfstream unit of General Dynamics Corp (GD.N) and Canada’s Bombardier Inc (BBDb.TO). (Reporting by Scott Malone; Editing by Lisa Von Ahn)