Textron posts quarterly income beat on solid company jet demand

Jan 25 (Reuters) – Cessna jet maker Textron Inc (TXT.N) documented a far better-than-expected income on Wednesday, as a pandemic-pushed need for non-public jets shows minor indications of cooling.

The distribute of the COVID-19 pandemic drove up desire for personal aircraft journey from the extremely wealthy, boosting success at business jet makers in North America.

Textron reported a fourth-quarter revenue of $3.64 billion, when compared with analysts’ typical estimate of $3.61 billion, as for each Refinitiv facts.

Earnings at Textron Aviation, the firm’s major unit, arrived in at $1.6 billion in the quarter ended Dec. 31, up $223 million, on increased costs and sales volume.

The organization jet maker also forecast an adjusted income per share of $5 to $5.20 for 2023. Analysts be expecting a financial gain of $4.51 apiece. It was not straight away very clear if the figures were being similar.

Textron forecast a 2023 earnings of about $14. billion, up from $12.9 billion in the calendar year-back period of time.

Reporting by Raechel Thankam Career Editing by Sherry Jacob-Phillips

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