Textron Cuts Profit Forecast, Cessna Jobs
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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.
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