Textron posts quarterly revenue beat on strong business jet demand

Cessna employee Dwight Bennett works on the Cessna business jet assembly line at their manufacturing plant in Wichita, Kansas
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

Jan 25 (Reuters) - Cessna jet maker Textron Inc (TXT.N) 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

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