Cessna employee Dwight Bennett works inside of a jet during a tour of the Cessna business jet assembly line at their manufacturing plant in Wichita,
July 29 (Reuters) – Textron Inc (TXT.N) on Thursday beat Wall Street estimates for quarterly revenue and raised its full-year adjusted profit forecast for the second time this year, as demand for its business jets rebounds from pandemic lows.
The company said it expects 2021 adjusted earnings of $3.00 to $3.20 per share, compared to its previous forecast of $2.80 to $3.
“As the economy strengthens, our outlook reflects continued growth in business aviation,” said Chief Executive Scott Donnelly.
Textron’s aviation unit delivered 44 jets, higher than the 23 a year earlier, and 33 commercial turboprops, up from 15 in 2020.
Sales in its aviation unit rose 55.4% to $1.16 billion in the second quarter.
Net income was $183 million, or 80 cents per share, in the three months ended July 3, compared to a loss of $92 million, or 40 cents per share, a year earlier.
Revenue rose 29% to $3.19 billion, above analysts’ average estimate of $2.97 billion, according to Refinitv data.
Reporting by Sanjana Shivdas in Bengaluru; Editing by Sriraj Kalluvila
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