{"id":4318,"date":"2019-04-17T08:27:47","date_gmt":"2019-04-17T13:27:47","guid":{"rendered":"http:\/\/planesintheair.com\/?p=4318"},"modified":"2019-04-17T08:27:54","modified_gmt":"2019-04-17T13:27:54","slug":"textron-profit-beats-on-higher-aircraft-sales","status":"publish","type":"post","link":"https:\/\/planesintheair.com\/?p=4318","title":{"rendered":"Textron Profit Beats on Higher Aircraft Sales"},"content":{"rendered":"\n
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FILE PHOTO: Cessna employee works on an engine of a Cessna business jet at the assembly line in their manufacturing plant in Wichita, Kansas March 12, 2013. REUTERS\/Jeff Tuttle<\/figcaption><\/figure><\/div>\n\n\n\n

(Reuters) – Cessna business jet maker Textron Inc reported a higher-than-expected quarterly profit on Wednesday, benefiting from robust aircraft deliveries, sending its share up 1.6 percent in early trading.<\/p>\n\n\n\n

Business jet demand has been growing steadily in the United States, the world’s biggest market, on the back of an expanding economy and rising corporate profits.<\/p>\n\n\n\n

Textron said it delivered 44 jets in the first quarter ended March 30, up from 36 last year. Commercial turboprop deliveries rose to 44 aircraft from 29 last year.<\/p>\n\n\n\n

“We think this quarter has pretty much ticked all the boxes for Textron. Aviation growth has continued, with a positive book to bill in the quarter,” Vertical Research Partners analyst Robert Stallard said.<\/p>\n\n\n\n

Textron has faced delays in final certification of its newest super mid-size Longitude jet, which is expected to contribute a ‘big chunk’ to the company’s revenue growth in 2019.<\/p>\n\n\n\n

Analysts have warned that the certification delays from the U.S. Federal Aviation Administration due to partial government shutdown followed by the regulator’s intense focus on re-certifying Boeing Co’s 737 MAX aircraft might impact sales growth at the company in the short.<\/p>\n\n\n\n

Though the aviation business was among the drivers for a profit beat, Textron’s revenue missed Wall Street estimates, hurt by lower sales in its systems unit, which makes tactical armored patrol vehicles.<\/p>\n\n\n\n

Textron re-affirmed its full-year profit outlook range of $3.55 to $3.75 per share.<\/p>\n\n\n\n

Sales in the company’s aviation business, its biggest, rose 12.3 percent to $1.13 billion in the first quarter, while sales in the systems unit fell more than 20 percent to $307 million.<\/p>\n\n\n\n

The company’s net income fell to $179 million in the quarter ended March 30 from $189 million a year earlier.<\/p>\n\n\n\n

Textron earned 76 cents per share, above analysts’ average estimate of 68 cents, according to Refinitiv data.<\/p>\n\n\n\n

Textron’s revenue fell 5.7 percent to $3.11 billion, below analysts’ estimates of $3.17 billion.<\/p>\n\n\n\n

(Reporting by Divya R and Ankit Ajmera in Bengaluru; Editing by Maju Samuel)<\/p>\n","protected":false},"excerpt":{"rendered":"

Cessna business jet maker Textron Inc reported a higher-than-expected quarterly profit on Wednesday, benefiting from robust aircraft deliveries, sending its share up 1.6 percent in early trading.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[89,3655,1836,2203,1397,868],"tags":[45,1690,464,4244,160,3243,41,988,694,1563,1268,2956,595,4243,4241,2672,3322,589,696,2421,46,2023,4242,412,1640,1323,959,4240,1288,1978,1249,588,3076,2730,1149,3600,455,2786,1522,444,1272,3254],"class_list":["post-4318","post","type-post","status-publish","format-standard","hentry","category-aviation-news","category-business-jet-news","category-defense-news","category-finance-news","category-stock-news","category-transportation-news","tag-45","tag-administration","tag-aircraft","tag-armored","tag-aviation","tag-beat","tag-boeing","tag-business","tag-cessna","tag-commercial","tag-defense","tag-deliveries","tag-economy","tag-estimates","tag-expanding","tag-federal","tag-higher","tag-jet","tag-longitude","tag-maker","tag-max","tag-mid","tag-miss","tag-news","tag-patrol","tag-profit","tag-quarterly","tag-reported","tag-reuters","tag-revenue","tag-sales","tag-size","tag-states","tag-street","tag-systems","tag-tactical","tag-textron","tag-turboprop","tag-unit","tag-united","tag-vehicle","tag-wall"],"_links":{"self":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/4318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4318"}],"version-history":[{"count":1,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/4318\/revisions"}],"predecessor-version":[{"id":4320,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/4318\/revisions\/4320"}],"wp:attachment":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}