Textron Posts Quarterly Revenue Beat On Strong Business Jet Demand

(Reuters) – Cessna jet maker Textron Inc reported a better-than-expected revenue on Wednesday, as a pandemic-driven demand for private jets shows little signs of cooling.

The spread of the COVID-19 pandemic drove up demand for private plane travel from the ultra rich, boosting results at business jet makers in North America.

Textron reported a fourth-quarter revenue of $3.64 billion, compared with analysts’ average estimate of $3.61 billion, as per Refinitiv data.

Revenue at Textron Aviation, the company’s biggest unit, came in at $1.6 billion in the quarter ended Dec. 31, up $223 million, on higher prices and sales volume.

The business jet maker also forecast an adjusted profit per share of $5 to $5.20 for 2023. Analysts expect a profit of $4.51 apiece. It was not immediately clear if the figures were comparable.

Textron forecast a 2023 revenue of about $14.0 billion, up from $12.9 billion in the year-ago period.

(Reporting by Raechel Thankam Job; Editing by Sherry Jacob-Phillips)