TXT Cuts Production At Business-Jet Unit

Textron Inc TXT announced on Tuesday that it plans to lower the production rates and shrink the workforce at the Cessna unit. The conglomerate cited continued weakness in new business jet orders as the reason for the decision. TXT reiterated its adjusted-profit outlook for 2010 at 55 cents to 65 cents a share. The company slashed its cash flow estimate for the year to $400 million, from a range of $500 million to $550 million. TXT has been suffering on account of a decline in business jet deliveries. In view of the lower expectation for cash from manufacturing operations, the liquidations seem warranted, the company added. Shares of TXT rose 1.04% to $20.40 at 1:41 pm. Read more from Benzinga's Company news.