Advertisement
YOU ARE HERE: LAT HomeCollectionsTextron Inc

IN BRIEF / AVIATION

Textron Cuts Profit Forecast, Cessna Jobs

March 21, 2003|From Reuters

Textron Inc. warned that it would cut its profit forecast this year, eliminate 11% of Cessna Aircraft Co.'s workforce and furlough an additional 6,000 employees because of weakening demand for business jets.

Shares of Providence, R.I.-based Textron tumbled 15% to their lowest level in nearly eight years.

Textron expects to deliver 180 to 195 Cessna jets this year, down from its previous estimate of 220 planes. NetJets Inc., a unit of Berkshire Hathaway Inc., recently told Textron it would slash aircraft orders.

Textron shares fell $5.04 to $28.16 on the NYSE.

Advertisement
Los Angeles Times Articles
|
|
|