DieselDragRacer
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Hawker Beechcraft reported an operating loss of $712 million during 2009 as the company reeled from a brutal downturn in the business aviation market and a large order cancellation from fractional operator NetJets.
Sales at the manufacturer of business, special-mission and trainer jets were down 9 percent from 2008 to $3.2 billion, the company said today. But the value of its order backlog shrank 55 percent from $7.6 billion to $3.4 billion. The bulk of that loss occurred during the fourth quarter, when
Hawker confirmed that struggling NetJets, one of its most important customers, had cancelled orders for “a significant number of aircraft.”
Hawker, which was sold by Raytheon in 2007 to Canadian buyout firm Onex Corp. and investment banking firm Goldman Sachs, reported an operating profit of $140 million in 2008.
But the Wichita, Kan.-based company was waylaid by the global financial crisis, which triggered a sharp drop in demand for business jets and made it much more difficult for buyers to secure financing. Hawker delivered 309 business and general aviation aircraft in 2009, down from 441 the previous year.
Cross-town rival Cessna Aircraft managed to remain in the black in 2009, earlier reporting an operating profit of $198 million. But Cessna suffered an even sharper decline in its backlog, which shrank 66% from $14.5 billion to $4.9 billion.
Photo credit: Hawker Beechcraft
Sales at the manufacturer of business, special-mission and trainer jets were down 9 percent from 2008 to $3.2 billion, the company said today. But the value of its order backlog shrank 55 percent from $7.6 billion to $3.4 billion. The bulk of that loss occurred during the fourth quarter, when
Hawker confirmed that struggling NetJets, one of its most important customers, had cancelled orders for “a significant number of aircraft.”
Hawker, which was sold by Raytheon in 2007 to Canadian buyout firm Onex Corp. and investment banking firm Goldman Sachs, reported an operating profit of $140 million in 2008.
But the Wichita, Kan.-based company was waylaid by the global financial crisis, which triggered a sharp drop in demand for business jets and made it much more difficult for buyers to secure financing. Hawker delivered 309 business and general aviation aircraft in 2009, down from 441 the previous year.
Cross-town rival Cessna Aircraft managed to remain in the black in 2009, earlier reporting an operating profit of $198 million. But Cessna suffered an even sharper decline in its backlog, which shrank 66% from $14.5 billion to $4.9 billion.
Photo credit: Hawker Beechcraft
