Textron (TXT.N),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 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 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.