Textron raises 2021 profit view on robust demand for helicopters, jets (updated)

Bell Food AG

29/04/2021 11:52

(Adds revenue, jet deliveries, other details)
    April 29 (Reuters) - Business jets maker Textron Inc  TXT.N 
raised its full-year profit forecast on Thursday on improving
demand for commercial helicopters and business jets following a
rebound in economic growth.
    Sales of small and mid-sized jets, which Textron focuses on,
are expected to recover faster than that of larger and more
expensive jets manufactured by some of it rivals, analysts have
said.
    Textron expects 2021 adjusted earnings per share of between
$2.80 and $3, up from a previous forecast of $2.70 to $2.90.
    The company's business jet deliveries rose to 28 units in
the first quarter ended April 3 from 23 units a year earlier
amid increased coronavirus vaccinations and easing travel
restrictions. The company had delivered 61 jets in the prior
quarter.    
     Sales in its aviation division fell to $865 million from
$872 million. The unit makes Beechcraft and Cessna aircraft and
contributed more than a third to the company's total revenue in
2020.    
    The company's revenue rose to $2.88 billion from $2.78
billion. 
    Its quarterly profit tripled on higher demand for Bell
helicopters and specialized vehicles.
    The company's net income rose to $171 million, or 75 cents
per share, in the first quarter, from $50 million, or 22 cents
per share, a year earlier.

 (Reporting by Shreyasee Raj; Editing by Shinjini Ganguli)
 ((Shreyasee.Raj@thomsonreuters.com;))