Business

Cessna parent sees first-quarter loss

The parent company of Cessna Aircraft posted a first-quarter 2010 loss from continuing operations of 1 cent a share.

Textron said excluding an $11 million tax charge from the recently enacted health care bill and $12 million in pre-tax restructuring charges, the company had earnings of 5 cents a share from continuing operations.

Revenue for the quarter was down 12.5 percent to $2.2 billion.

Textron said Cessna revenue fell $336 million because of lower volumes and reflecting lower deliveries of Citation business jets. Cessna delivered 31 Citation jets in the quarter compared to 69 in the same quarter a year ago.

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