Textron posts quarterly revenue beat on strong business jet demand

Jan 25 (Reuters) – Cessna jet maker Textron Inc (TXT.N) reported a greater-than-anticipated earnings on Wednesday, as a pandemic-driven demand from customers for personal jets shows minimal signs of cooling.

The unfold of the COVID-19 pandemic drove up demand from customers for personal plane journey from the ultra abundant, boosting benefits at company jet makers in North The usa.

Textron reported a fourth-quarter earnings of $3.64 billion, in comparison with analysts’ ordinary estimate of $3.61 billion, as per Refinitiv data.

Income at Textron Aviation, the firm’s greatest device, arrived in at $1.6 billion in the quarter ended Dec. 31, up $223 million, on higher rates and profits quantity.

The small business jet maker also forecast an altered financial gain per share of $5 to $5.20 for 2023. Analysts assume a earnings of $4.51 apiece. It was not instantly distinct if the figures have been comparable.

Textron forecast a 2023 earnings of about $14. billion, up from $12.9 billion in the 12 months-ago interval.

Reporting by Raechel Thankam Occupation Editing by Sherry Jacob-Phillips

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