Cessna: No Plan To Resurrect Citation Columbus

Cessna Aircraft is moving on after parent Textron formally canceled the large-cabin Cessna Citation Columbus program. The decision came a little more than two months after Textron suspended development of the widebody jet due to the economic downturn. Textron reported a net loss of $58 million in the second quarter, compared with a $258 million profit in the year-ago period. Revenues were $2.6 billion, down 29 percent from the second quarter of last year.

The company also lowered its revenue forecast for this year from $11 billion to $10.6 billion, mainly because of further reductions in the Cessna Citation production rate, charges to downsize Cessna's workforce and one-time costs to cancel the Columbus.