Providence, RI - November 4, 2008 - Textron Inc.
(NYSE: TXT) today announced that due to continued softening in the
global economic environment, it is revising its 2009 Citation jet
production schedule. The company had previously targeted about 535
Citations for delivery in 2009, up from about 475 planned for 2008.
While detailed planning is still underway, at this time, the
company expects deliveries will be up slightly over 2008 next year,
reflecting continued ramp-up of the new Mustang program. On this
basis, the company estimates that 2009 Cessna revenues will be similar
to this year's record revenue expectation of about $5.9 billion.
Chairman, President and CEO Lewis B. Campbell said, "As we look
out to the next two to three years, it is prudent for us to evaluate
the proper level of jet production and deliveries to avoid significant
variations and inefficiencies in annual production. We now believe
that planning for more consistent levels of production during the next
several years will best serve our shareholders, customers and
employees."
About Textron Inc.
Textron Inc. is a $13.2 billion multi-industry company operating
in 34 countries with approximately 44,000 employees. The company
leverages its global network of aircraft, defense and intelligence,
industrial and finance businesses to provide customers with innovative
solutions and services. Textron is known around the world for its
powerful brands such as Bell Helicopter, Cessna Aircraft Company,
Jacobsen, Kautex, Lycoming, E-Z-GO, Greenlee, Fluid & Power, Textron
Systems and Textron Financial Corporation. More information is
available at www.textron.com.
Forward-looking Information
Certain statements in this release and other oral and written
statements made by us from time to time are forward-looking
statements, including those that discuss strategies, goals, outlook or
other non-historical matters, or project revenues, income, returns or
other financial measures. These forward-looking statements speak only
as of the date on which they are made, and we undertake no obligation
to update or revise any forward-looking statements. These
forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially from those contained in
the statements including the following: (a) changes in worldwide
economic and political conditions that impact demand for our products,
interest rates and foreign exchange rates; (b) the interruption of
production at our facilities or our customers or suppliers; (c)
performance issues with key suppliers, subcontractors and business
partners; (d) the ability to control costs and successful
implementation of various cost-reduction programs; (e) the timing of
new product launches and certifications of new aircraft products; (f)
the occurrence of slowdowns or downturns in customer markets in which
our products are sold or supplied; (g) changes in aircraft delivery
schedules or cancellation of orders; (h) the extent to which we are
able to pass raw material price increases through to customers or
offset such price increases by reducing other costs; (i) the launching
of significant new products or programs which could result in
unanticipated expenses; (j) bankruptcy or other financial problems at
major suppliers or customers that could cause disruptions in our
supply chain or difficulty in collecting amounts owed by such
customers; and (k) continued volatility and further deterioration of
the capital markets.
Further information on risks and uncertainties that may impact
forward-looking statements is discussed under "Risk Factors" in our
most recent Quarterly Report on Form 10-Q.
