financetom
Business
financetom
/
Business
/
Textron posts quarterly profit beat on business jet, helicopter demand
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Textron posts quarterly profit beat on business jet, helicopter demand
Jul 18, 2024 6:23 AM

(Reuters) - Textron ( TXT ) beat Wall Street estimates for second-quarter profit on Thursday, on higher demand across its businesses that make private jets and military helicopters.

Private jet makers have gained from robust demand for aircraft since the pandemic, as the wealthy switched to private flying.

Revenue at Textron Aviation, its most profitable business, rose 8% to $1.48 billion in the quarter, bolstered by higher jet pricing.

However, industry-wide supply snags continue to pressure deliveries. Textron ( TXT ) delivered 42 units in the quarter through June 29, compared with 44 a year.

The Rhode Island-based company's helicopter-making unit, Bell, posted a 13% year-on-year rise in revenue, on the back of increased demand from its contract with the U.S. Department of Defense through the Future Long Range Assault Aircraft program.

The Cessna jet maker reported an overall quarterly adjusted profit of $1.54 per share, above analysts' mean estimate of $1.48.

As part of its 2023 restructuring plan, the company has reduced its headcount during the quarter and incurred special charges of $13 million, which was below the $25 million-$30 million range it had forecast.

Textron ( TXT ) reiterated its full-year adjusted earnings forecast of $6.20 to $6.40 per share, compared with analysts' estimate of $6.29.

The company's total revenue for the quarter ended June 29 had risen 3% to $3.53 billion, slightly below expectations of $3.56 billion, according to LSEG data.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Temu-owner PDD tops quarterly revenue estimates
Temu-owner PDD tops quarterly revenue estimates
Aug 25, 2025
(Reuters) -Chinese e-commerce firm PDD Holdings ( PDD ) beat market estimates for quarterly revenue on Monday, signaling a rebound in domestic demand and improved growth in its international business despite global trade uncertainties. U.S.-listed shares of the company jumped nearly 12% in premarket trading. The Chinese government has been seeking to boost domestic consumption to revive a sluggish economy...
BRIEF-Beigene And Unit Sign Royalty Purchase Agreement With Royalty Pharma PLC's Unit
BRIEF-Beigene And Unit Sign Royalty Purchase Agreement With Royalty Pharma PLC's Unit
Aug 25, 2025
Aug 25 (Reuters) - Beigene Ltd: * SAY CO, UNIT SIGN ROYALTY PURCHASE AGREEMENT WITH ROYALTY PHARMA INVESTMENTS 2023 ICAV, UNIT OF ROYALTY PHARMA PLC * SAYS AGREED TO SELL RIGHTS TO ROYALTIES ON IMDELLTRA SALES OUTSIDE CHINA TO ROYALTY PHARMA INVESTMENTS 2023 ICAV FOR $885 MILLION UPFRONT Source text Further company coverage: (Reporting by Beijing Newsroom) ...
US lawmakers, unions oppose railroad plan to automate track safety inspections
US lawmakers, unions oppose railroad plan to automate track safety inspections
Aug 25, 2025
LOS ANGELES (Reuters) -A U.S. railroad industry plan to rely more heavily on technology instead of humans to conduct routine track safety inspections has drawn a backlash from labor groups and lawmakers who voiced worry that automated inspections will result in more accidents. The dispute reflects simmering tensions in the global transport industry over the rise of automation. Also, U.S....
Sasol Reports Fiscal 2025 Earnings, Lower Turnover; Shares up Pre-Bell
Sasol Reports Fiscal 2025 Earnings, Lower Turnover; Shares up Pre-Bell
Aug 25, 2025
06:39 AM EDT, 08/25/2025 (MT Newswires) -- Sasol ( SSL ) reported fiscal 2025 earnings Monday of 10.60 South African rand ($0.60) per share, swinging from a loss of 69.94 rand a year earlier. Three analysts polled by FactSet expected EPS of 21.59 rand. Turnover for the year ended June 30 was 249.1 billion rand, compared with 275.11 billion rand...
Copyright 2023-2026 - www.financetom.com All Rights Reserved