Cessna may lose $1.1 billion jet order

Cessna Aircraft is talking to a large customer concerning the cancellation of about $1.1 billion of jets on order, according to a release from its parent company, Textron.

None of the aircraft were planned for delivery before the end 2012, according to a release.

The company expects cancellations in the fourth quarter will reduce backlog by about $1.7 billion. These cancellations are not expected to have a material impact on planned deliveries through 2012.

Cessna continues to talk to other customers with aircraft orders in the backlog to clarify their intentions.