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Netjets Cancels $2.6 Billion Worth of Hawker Beechcraft Orders

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On Your Six

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Mar 8, 2004
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Not too surprising but still a big hit for both Netjets and the folks at Hawker Beechcraft. No indication which aircraft types but I suspect the Hawker 4000 and perhaps outstanding Hawker 900XPs and Beechjets are included in these numbers. Anyone have specifics? Which will be cancelled and which will remain on the order book?


NetJets cancellations to cost Hawker Beechcraft $2.6 billion


BY MOLLY McMILLIN

The Wichita Eagle

Hawker Beechcraft announced today that fractional ownership company NetJets has canceled a "significant" number of aircraft it had on order with the company.

The cancellations will reduce Hawker Beechcraft's backlog by $2.6 billion and represent 90 percent of the aircraft that NetJets has on order with Hawker Beechcraft. The aircraft were to have been delivered over several years beginning in 2011.

Hawker Beechcraft also said today that revenue for the fourth quarter of 2009 is expected to be about $1.9 billion, bringing estimated yearly revenue to about $3.2 billion.

Operating income for the quarter, meanwhile, is expected to be between about zero and a loss of $15 million. Full-year operating losses are estimated to be between $725 million and $740 million. After adjusting for the canceled NetJets orders, the company's backlog at the end of 2009 is expected to be $3.5 billion.

So far this year, NetJets has canceled 12 aircraft it had on order and deferred delivery of all jets scheduled for delivery in 2009 or 2010 until the end of 2010. Hawker Beechcraft has said that NetJets wasn't expected to provide any substantial revenue in 2009 or 2010. The company historically has not represented more than 10 percent of Hawker Beechcraft's annual revenue.
 
Thank god. That was a POS. Too bad it took this long. Maybe next time hawker will have it's crap together..

Just think, had Hawker Beechcraft worked out the kinks earlier and delivered that H4000 on time, it might have been able to avoid this cancellation. Wasn't it delayed by 2-3 years? They could have delivered at least a few aircraft to both Netjets and Netjets Europe and perhaps it would have developed a following among owners.

Was the $2.6 billion allocated to just the Hawker 4000 order?
 
I'll bet it's the 400 and 4000. One is a piece of junk and the other has been delayed far more than 2-3 years. It's time we got smart. Variety is one thing. Too much variety is another. Growth will be limited to reliable aircraft and a sound business plan.
 
Just think, had Hawker Beechcraft worked out the kinks earlier and delivered that H4000 on time, it might have been able to avoid this cancellation. Wasn't it delayed by 2-3 years? They could have delivered at least a few aircraft to both Netjets and Netjets Europe and perhaps it would have developed a following among owners.

Was the $2.6 billion allocated to just the Hawker 4000 order?

More like 6-7 years late. A buddy had a job flying an 800XP back in 1999 with a Hawker Horizon (nee 4000) on order to be delivered in 2002-03. Oops. He left the job long ago, the customer canceled the order, and would STILL be waiting if he hadn't canceled it.
 
I'm hoping NJA left an order for just one 4000 on the books, for sentimental value. :D
 
I'm hoping NJA left an order for just one 4000 on the books, for sentimental value. :D

What about this one:

http://www.airliners.net/photo/Unti...51958/L/&sid=a2212e89670ed679c7c9e9d02c0ba980

Nice flight deck:

http://www.airliners.net/photo/Unti...87999/L/&sid=a2212e89670ed679c7c9e9d02c0ba980

It's a shame Hawker couldn't punch these out on time - looks like a nice airplane. I am guessing Hawker demo pilots flew this copy. I hear it is a good performer - I spoke with a pilot flying one at Talon Air and he really likes it. Quite a shame - but then again it probably competes with other Netjets aircraft like the G200 and maybe the Falcon 2000 for customers.
 
well at least their outstanding CEO is STILL taking in around 800k per year.

guess the economy only hits the working man.
 
Just think, had Hawker Beechcraft worked out the kinks earlier and delivered that H4000 on time, it might have been able to avoid this cancellation. Wasn't it delayed by 2-3 years?

Company I worked for a few years back has had a pair of H4000's on order for over 4 years.
 

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