Business jet maker Textron posts profit as vaccinations fuel travel demand – Reuters

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Business jet maker Textron posts profit as vaccinations fuel travel demand – Reuters

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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, Kansas August 14, 2012. REUTERS/Jeff Tuttle

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

Our Standards: The Thomson Reuters Trust Principles.

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