NetJets Cancels Business Jet Orders
April 30 2020 - 2:01PM
Dow Jones News
By Doug Cameron
Textron says Berkshire Hathaway's NetJets unit canceled a slew
of orders for its Cessna business jets as coronavirus-related
travel restrictions dented demand, but remains optimistic that the
market will rebound.
Textron Chief Executive Scott Donnelly says on an investor call
that operators such as NetJets and Delta Air Lines' affiliate
Wheels Up, leaders in the segment where owners or passengers share
jets, will likely benefit from new flyers forced to migrate to
private planes as commercial airlines shrink their schedules.
Domestic business jet flying in March fell to its lowest level
since the great financial crisis, according to consultant JSSI,
though plane makers including Gulfstream owner General Dynamics and
Embraer have said cancellations have been limited. The biggest
problem has been that some new owners are unable to pick up planes
because of travel restrictions preventing jets flying overseas.
Write to Doug Cameron at doug.cameron@wsj.com
(END) Dow Jones Newswires
April 30, 2020 13:46 ET (17:46 GMT)
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