There is an increasing demand for Corporate Pilots as the BizJet Industry makes a comeback from the recession. This offers alternatives to aspiring commercial pilots in addition to flying for the airlines.
Cessna Aircraft, for example, delivered more jets and increased revenue and profit in the third quarter of this year as reported by its parent company on Wednesday.
Cessna delivered 47 new Citation business jets, compared with 26 in the same quarter a year ago. Its profit increased $64 million on higher revenue due to higher deliveries and good performance.
Cessna did better in order rates than expected in the third quarter, given the state of the world’s economies, said Scott Donnelly, Textron chairman and CEO, in a conference call with analysts.
“We’re not building backlog, and we haven’t been for the last couple of years,” Donnelly said. Most deliveries are the result of orders taken through the course of the year, he said.
“We are taking orders and turning them into sales inside the span of a quarter,” Donnelly said. He expects that to continue.
Orders have been coming in slower than aircraft deliveries, Donnelly said. Still, Cessna is on track to deliver slightly more jets this year than it did last, although some sales will have to be finalized to do it.
“I think the team is pretty well positioned to make that happen,” Donnelly said.
In note to clients, Cowen & Co. analyst Cai von Rumohr called Cessna’s profit for the quarter “impressive,” and $9 million better than expected.