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Textron lifts 2021 profit forecast again on business jet strength

Mount Equity Group Tokyo, Japan > News > Business > Textron lifts 2021 profit forecast again on business jet strength

Cessna employee Dwight Bennett works inside of a jet during a tour of the Cessna business jet assembly line at their manufacturing plant in Wichita, Kansas August 14, 2012. REUTERS/Jeff Tuttle

July 29 (Reuters) – Textron Inc (TXT.N) on Thursday beat Wall Street estimates for quarterly profit and raised its full-year adjusted profit forecast for the second time this year, on higher demand for private aircraft.

Business jet traffic has rebounded from COVID-19 pandemic lows more quickly than commercial flights in the United States, helped by wealthy leisure travelers and some would-be first time flyers avoiding airlines.

Textron expects to get back to production levels similar to 2019 by 2022. General Dynamics Corp (GD.N) said on Wednesday it would make more of its Gulfstream jets. read more

While Textron Chief Executive Scott Donnelly told analysts the higher demand “seems to be quite sustainable”, the maker of Cessna business jets…

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