(Reuters) -Business jets maker Textron Inc 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)
