Cessna Aircraft, a subsidiary of Textron Aviation , is a leading manufacturer of business jets, turboprops, and single-engine planes. The company's private jet deliveries took a beating after the financial crisis when the business jet market ran out of steam. In 2010, Cessna's shipments were down nearly 62% from2008 levels, and continued to remain weak thereafter.
Although deliveries for the business jet industry in 2013 rose for the first time since 2008, Cessna has yet to witness an uptick in sales, as it largely focuses onlight jets, which remain out of favor. To boost sales, the company has shuffled its portfolio by introducing newer models, especially in the midsize category. Here's the lowdown on the jets that will decide the future of this company.
Citation Latitude, Source: Cessna .
The Longitude will compete with the Embraer Legacy 650, the Dassault Falcon 2000LX, and the Bombardier Challenger 605. Competitively priced at less than $26 million and powered by a highly regarded engine made by Snecma, the Longitude can cruise along at a speed of Mach 0.86 and carry eight passengers in its 31-feet long cabin with adjustable seats.
Cessna knows that if it doesn't develop newer jets, growth might stagnate as competitors introduce fresh offerings. To keep itself competitive and go back to pre-recession sales volumes, the Sovereign+, Citation X+, Latitude, and Longitude are Cessna's game plan.
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The article Will Cessna's New Planes Send Textron Stock Flying? originally appeared on Fool.com.
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