Private Jets Beat Out Commercial Cattle Class
In the pandemic, those who can fly private are doing so. That's helped Textron weather this crisis better than commercial aerospace companies like Boeing.
There are worse places to weather a pandemic than aboard a private jet.
Photographer: Bridget Bennett/BloombergPrivate jets have long been considered one of the ultimate status symbols. They’re also a bright spot in the beaten-up aerospace sector.
Textron Inc., the maker of Beechcraft turboprops and Cessna jets, on Wednesday reported fourth-quarter results that beat analysts’ expectations and forecast an almost 15% increase in sales for its aviation division this year as the coronavirus pandemic encourages those who can afford to fly private to do so. Gulfstream-maker General Dynamics Corp. also reported earnings, revealing that fourth quarter was the strongest for new private plane orders in the year. Its aerospace unit ended 2020 with a book-to-bill ratio of 0.96, indicating it’s replenishing its backlog at nearly the same rate it’s shipping out existing orders.