Textron tops quarterly results estimates on higher aircraft pricing
Textron tops quarterly results estimates on higher aircraft pricing July 28 (Reuters) - Textron TXT.N beat second-quarter profit and revenue estimates on Tuesday, driven by higher aircraft pricing and sustained growth in its Bell helicopter business.
The business jet maker's Bell unit has been benefitting from the Bell V-280 Valor program, which the U.S. Army designates as the MV-75 future long-range assault aircraft. The unit's revenue from commercial helicopters, parts and services also increased.
The Bell segment, which makes helicopters and tiltrotors, posted a 6% rise in quarterly revenue from a year ago.
The larger aviation segment, which manufactures the Cessna business jet and Beechcraft aircraft, posted a 1% rise in quarterly revenue as steady aftermarket services demand and higher aircraft pricing helped offset lower jet deliveries.
Revenue rose 7% from a year ago at the Textron Systems segment and was up 1% at the industrial segment.
Textron's total revenue rose 7% to $3.83 billion in the second quarter, compared with analysts' average estimate of $3.8 billion, according to data compiled by LSEG.
The company's quarterly adjusted profit stood at $1.62 per share, compared with estimates of $1.55 per share.
Textron reiterated its full-year adjusted profit forecast of $6.40 to $6.60 per share, compared with estimates of $6.52.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Shreya Biswas)
((Aatreyee.Dasgupta@thomsonreuters.com;))
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