Cessna Aircraft drew a standing-room only crowd to its press conference at NBAA this afternoon.
There’s some encouraging developments out there to suggest that the business jet market may be starting to move in a positive direction, said Cessna CEO Jack Pelton.
Financing is more readily available, used aircraft inventory is declining and prices for used aircraft have risen for the first time in several quarters. Usage for the Citation fleet have stopped dropping and bookings for maintenance work are moving upward.
In addition, single-engine retail sales have been strong in recent weeks.
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Still, it will take time for the market to return. Cessna projects lower deliveries next year over 2009.
Pelton said he thinks the company is sized correctly for the next three years of deliveries. Cessna was hard hit by the economic downturn. It’s cut half of its work force in the past year, the most painful development of the economic crisis, Pelton said.