(Reuters) – Textron forecast 2024 profit above analysts’ estimates on Wednesday as the U.S. Army continues to replace Black Hawk helicopters with aircraft made by its Bell unit.
In December 2022, the U.S. Army awarded the contract for its next-generation helicopter to Textron’s Bell, as it looked to retire more than 2,000 medium-class Black Hawk helicopters built by Sikorsky.
Textron, which also makes Cessna business jets, forecast 2024 adjusted profit from continuing operations between $6.20 and $6.40 per share, compared with analysts’ estimates of $5.90, according to LSEG data.
Earlier this month, Canada awarded a C$2.28 billion helicopter service and support contract to the Bell unit.
On an adjusted basis, Textron earned $1.60 per share in the fourth quarter, beating estimates of $1.54.
The company posted total quarterly revenue of $3.89 billion, compared with estimates of $3.95 billion.
(Reporting by Mehr Bedi and Aishwarya Jain in Bengaluru; Editing by Shounak Dasgupta)
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