I know things are looking bad for anybody working (or not working, as it stands right now) at Textron right now, but everybody needs to remember this is just temporary. The government can't afford to let this entire sector fail. There will be bailouts. I honestly don't see an option in which that is not true. All we need to do is find a way to survive for the next two months.
There is light at the end of the tunnel.
this will get MUCH worse before it will ever get better. This company should have been making products that will generate revenue for the user like Sky courier and the 208. Making toys for rich people always turns out badly. Textron cannot and will not learn from past mistakes. Donnelly has not improved the stock price in since he took over.
Im in a salary non-exempt position in aviation. And from the schedule I see. We are caught up in our work and a lot of due date jobs has been extended out. Plus there are a lot of spare parts in inventory as well. I think they are going to extend this furlough til end of july or lay off will happen.
Nobody is flying. NetJets seems to doing slightly better than commercial, but I highly doubt they are doing the same volume that they were before COVID. I think this is going to be worse than the last downturn. Like we saw last time, when corporate profits are down, one of the first things they do is cancel orders for jets. Add in that nobody even wants to travel and fractional ownership goes down as well.
Get in the back of the breadline and shut up. This economy is broke, busted and on its way out. Get ready for your digital universal income.
This furlough is due to part shortages, parts produced by Textron. It's their own fault, they did this to us. Now, due to the virus people are afraid to pick up their units & who can blame them? Coming into Kansas and being exposed to a bunch of people who are still potentially being exposed to said virus. Yes, it's the end of the quarter but at this point Textron is covering their own butts with no regard for their employees health and well being. Some of us are still working, some of us were furloughed, and that furlough may well be extended, if that doesn't work then layoffs. I'm on the end of the line, paint, where things tend to bottleneck, so second to assembly we caught the brunt of this. No parts to complete units = nothing to work on = nothing to deliver = furloughs. The one semi good thing to come of this is that they did start the unemployment process for us, an attempt to make things easier however the way I see it is, again, this is due to Textron being shortsighted so pay us during the furlough.
This will is worse than 2008 when Textron had layoffs and employees that remained had to take Furloughs . There will be huge layoffs coming to Textron Specialized Vehicles
I appreciate your positive attitude, and I agree it'll get better someday. Not trying to be a Debbie Downer, but it'll get MUCH worse before it gets better. You're right that 'bailouts' will be forthcoming, but even with bailouts,
1) the Fed and States DO NOT have enough money (your/our taxpayer money!) to save every single company and job out there, and
2) many companies will STILL fail after getting bailout money because consumer, business and government purchasing dynamics and 'power' will undoubtedly change drastically in the future i.e. MANY products and services will NOT be purchased because they're NOT ESSENTIAL (e.g. leisure travel, that Smart phone upgrade, that new car, the latest version of software or hardware, that takeout meal, etc, etc). People and companies that already ARE NOT bringing in revenue and money , even if for a month, will have a very DEEP HOLE to dig out of
Just think about it in one of a couple ways - - > 'Dominoes falling,' or 'IF, THEN':
This is how the dominoes will fall. It's been proven many times before. The really bad thing about the unprecedented time we're going through is that intentional (and necessary) mass shutdowns of so many businesses has never happened in our lifetimes before, and even the so called "experts" on Wall Street, in academia, in Think Tanks, etc. can't predict or estimate the economic carnage that'll result after the pandemic is defeated. For example, the manager of the world's largest hedge fund, Ray Dalio, readily admits "we got it wrong...we weren't prepared for this scenario." Back in January he railed against people who were conserving their cash and NOT in the stock market. He's changed his tune just a little since then
The bottom line is "This to shall pass," BUT many, many businesses, large and small alike, will NOT survive this devastating economic atomic bomb. Expect to see thousands of "BKs" (bankruptcies) as that'll be the only viable way out for many businesses to shed their debt (including their stocks). This will lead to many businesses also getting "junk grade" credit ratings which many funds and money managers simply cannot take the risk of investing in, or banks not willing to lend to them. To put it in simple terms, it's like your FICO score going from an 800 to 600 overnight
I hope and pray that this will end much sooner than later for humanity's sake