flyExclusive Expands Citation Fleet with Order for Cessna Citation XLS Gen2 and Citation Longitude Business Jets

Rhea-AI Summary

Textron Aviation has secured a purchase agreement with flyExclusive for up to 14 additional Cessna Citation business jets, including eight Citation XLS Gen2 and up to six Citation Longitudes, with initial deliveries set for 2024 and 2025. This deal enhances flyExclusive's offerings in the fractional ownership segment, which is experiencing rapid growth. Additionally, Textron Aviation is expanding its order by five Citation CJ3+ aircraft from a previous agreement. The collaboration underscores Textron's commitment to innovative aviation solutions and robust relationships with operators.

Positive

• Secured purchase agreement for up to 14 Cessna Citation business jets, enhancing product offerings.
• Boosts flyExclusive's fractional ownership options, aligning with market growth trends.
• Initial deliveries for new jets scheduled for 2024 and 2025, indicating future revenue streams.
• Increased order of five Citation CJ3+ aircraft demonstrates strong operational demand.

Negative

• None.

ORLANDO, Fla.--(BUSINESS WIRE)-- Textron Aviation today announced it has entered into a purchase agreement with Exclusive Jets, LLC, operating as flyExclusive, for up to 14 additional Cessna Citation business jets. flyExclusive has agreed to purchase eight Cessna Citation XLS Gen2 aircraft to be delivered in 2024, and up to six Citation Longitudes, with initial deliveries of the first two Longitude aircraft expected in 2025. These aircraft will provide customers of flyExclusive’s fractional program additional options in the midsize and super-midsize segments.

The Citation XLS Gen2 equips operators with speeds of up to 441 knots (817 kilometers/ hour) with a maximum range of 2,100 nautical miles (3,889 kilometers), a takeoff field length of 3,600 feet (1,097 meters) and climbs to 45,000 feet (13,716 meters) in 30 minutes. (Photo: Business Wire)

In addition, the company has exercised its option to purchase an additional five Citation CJ3+ aircraft from its order of up to 30 CJ3+ jets earlier this year. These aircraft are expected to be delivered in 2024.

Cessna Citation business jets are designed and manufactured by Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company.

"We're proud that flyExclusive, a growing fractional operator, has chosen the Citation XLS Gen2 and Citation Longitude to offer comfortable, spacious and unforgettable experiences to their customers entering business aviation," said Ron Draper, President & CEO, Textron Aviation. "We appreciate their confidence in Textron Aviation as they continue to expand their already impressive Citation fleet and look forward to continuing our relationship for years to come."

flyExclusive is one of the largest owners/operators of Citations in the world. The company operates a fleet of Cessna Citation jets including Citation X, Citation Sovereign, Citation Excel/ XLS, Citation CJ3 /CJ3+ and Citation Encore / Encore+ aircraft models.

“This agreement reinforces flyExclusive's rapid growth and further bolsters the company's offerings in the fractional space. We continue to elevate the private flying experience, delivering consistent, reliable, and world-class service for our customers,” said Jim Segrave, Chairman and CEO, flyExclusive. “We are proud to deepen our relationship with Textron Aviation and support high quality, American manufacturing. We appreciate Textron Aviation's support as we continue to grow into one of the largest private jet charter operators in the industry."

Owning and operating its fleet of 90 light, midsize, super-midsize and heavy jets, flyExclusive, based in Kinston, North Carolina, is a premiere Part 135 owner/operator of private jet experiences. The company provides Jet Club, Partner and fractional programs.

About the Citation XLS Gen2

The Citation XLS Gen2 equips operators with speeds of up to 441 knots (817 kilometers/ hour) with a maximum range of 2,100 nautical miles (3,889 kilometers), a takeoff field length of 3,600 feet (1,097 meters) and climbs to 45,000 feet (13,716 meters) in 30 minutes. While maintaining key performance specifications, the XLS Gen2 also includes increased payload capabilities and a state-of-the-art intuitive wireless cabin management system with a touchscreen moving map monitor, wireless charging and USB charging ports at each cabin seat.

About the Citation Longitude

With a range of 3,500 nautical miles (6,482 kilometers) and full fuel payload 1,600 pounds (726 kilograms), the Citation Longitude is designed to elevate passenger expectations in the super-midsize class by delivering the quietest cabin, a low cabin altitude (4,950 ft / 1,509 m at 41,000 ft), more standard features and a comfortable, bespoke interior. With seating for up to 12 passengers, including an optional crew jump seat, the Longitude features a stand-up, 6-foot tall flat-floor cabin. A standard double-club configuration delivers the most legroom in the super-midsize class. Fully berthable seats are designed and manufactured in-house, and a spacious walk-in baggage compartment is accessible in flight. State-of-the-art cabin technology enables passengers to manage their environment and entertainment from any mobile device.

About Textron Aviation

We inspire the journey of flight. For more than 95 years, Textron Aviation Inc., a Textron Inc. company, has empowered our collective talent across the Beechcraft, Cessna and Hawker brands to design and deliver the best aviation experience for our customers. With a range that includes everything from business jets, turboprops, and high-performance pistons, to special mission, military trainer and defense products, Textron Aviation has the most versatile and comprehensive aviation product portfolio in the world and a workforce that has produced more than half of all general aviation aircraft worldwide. Customers in more than 170 countries rely on our legendary performance, reliability and versatility, along with our trusted global customer service network, for affordable and flexible flight.

For more information, visit www.txtav.com | www.defense.txtav.com | www.scorpionjet.com.

About Textron:

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Pipistrel, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, and Textron Systems. For more information, visit: www.textron.com.

About flyExclusive

flyExclusive is a premiere Part 135 owner/operator of private jet experiences that surpass expectations for quality, convenience, and safety. From a world-class Jet Club to an unmatched private charter and fractional ownership opportunities, clients who fly with the company receive a curated experience that anticipates their needs for consistency, comfort, and style. As one of the world’s largest operators of Cessna Citation aircraft with a floating fleet of 90 light to heavy jets, flyExclusive offers access to a network of personalized private aviation with on-demand flights that can service a myriad of specialized trip needs. flyExclusive is headquartered in Kinston, North Carolina with services provided across North America, Caribbean, Central America, South America, Europe, Asia and beyond. To learn more, visit www.flyexclusive.com.

Certain statements in this press release are forward-looking statements which may project revenues or describe strategies, goals, outlook or other non-historical matters; these statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. These statements are subject to known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to, changes in aircraft delivery schedules or cancellations or deferrals of orders.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221017006078/en/

Media:

Keturah Austin

+1.316.249.3706

kaustin@txtav.com

txtav.com

Source: Textron

FAQ

What is the significance of the Textron and flyExclusive agreement for TXT?

The purchase agreement enhances Textron's product offerings and strengthens flyExclusive's fractional ownership program, potentially leading to increased revenues.

When will the Citation XLS Gen2 and Citation Longitude jets be delivered?

The Citation XLS Gen2 jets are expected to be delivered in 2024, and the Citation Longitudes in 2025.

How many business jets are involved in the Textron and flyExclusive deal?

The deal involves up to 14 additional Cessna Citation business jets.

What impact does the new order of CJ3+ aircraft have on Textron Aviation?

The increased order of five Citation CJ3+ aircraft indicates strong demand and may positively affect revenues.