By Doug Cameron

 

Textron says Berkshire Hathaway's NetJets unit canceled a slew of orders for its Cessna business jets as coronavirus-related travel restrictions dented demand, but remains optimistic that the market will rebound.

Textron Chief Executive Scott Donnelly says on an investor call that operators such as NetJets and Delta Air Lines' affiliate Wheels Up, leaders in the segment where owners or passengers share jets, will likely benefit from new flyers forced to migrate to private planes as commercial airlines shrink their schedules.

Domestic business jet flying in March fell to its lowest level since the great financial crisis, according to consultant JSSI, though plane makers including Gulfstream owner General Dynamics and Embraer have said cancellations have been limited. The biggest problem has been that some new owners are unable to pick up planes because of travel restrictions preventing jets flying overseas.

 

Write to Doug Cameron at doug.cameron@wsj.com

 

(END) Dow Jones Newswires

April 30, 2020 13:46 ET (17:46 GMT)

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