More Money On Fewer Planes

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If you said business at Cessna had its ups and downs in 2002, you wouldn't just be making a bad pun. Although the Wichita company delivered almost 300 fewer aircraft than the year before and laid off hundreds of staff, CEO Russ Meyer said they took in the most money ever in 2002. Revenue for the year was $3.2 billion and there's a $4.9 billion order backlog "This has been a record year in every respect," Meyer said in a company release. The company delivered a total of 946 airplanes in 2002: 307 Citations, 80 Caravans and 559 piston singles. In 2001 it handed over the keys to 313 jets, 76 Caravans and 821 172s, 182s and 206s. Meanwhile, problems persist at Raytheon, which is laying off another 600 in its aircraft unit. The company lost $15 million in the fourth quarter and is also under Securities and Exchange Commission investigation. The parent company, however, made more money than expected last year, thanks to a boost in its defense business. The company increased its 2003 earnings guidance by 10 cents a share to between $1.70 and $1.80 a share.