July 18, 2018 / 10:49 AM / a year ago

Textron profit beats on higher business jet deliveries

July 18 (Reuters) - Textron Inc on Wednesday reported a better-than-expected quarterly profit, helped by higher aircraft deliveries, and the Cessna business jet maker raised its 2018 earnings and cash flow forecasts.

The company’s shares were up about 3 percent at $68.76 in premarket trading.

Textron, which also makes Bell helicopters, said it now expects 2018 earnings per share of $3.15 to $3.35, compared with its previous forecast of $2.95 to $3.15.

The company now expects cash flow from continuing operations in a range of $750 million to $850 million, up $50 million from its previous expectation.

Textron said it sold 48 jets and 47 turboprops in the second quarter ended June 30, compared with 46 jets and 33 turboprops a year earlier.

The Providence, Rhode Island-based company’s income from continuing operations rose to $224 million, or 87 cents per share, in the quarter, from $153 million, or 57 cents per share, a year earlier.

Total revenue rose 3.4 percent to $3.73 billion.

Analysts on average had expected second-quarter earnings of 70 cents per share, and revenue of $3.53 billion, according to Thomson Reuters I/B/E/S. (Reporting by Ankit Ajmera in Bengaluru; Editing by Maju Samuel)

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