Textron Inc (NYSE:TXT) shares were trading as much as 9% higher in pre-open Thursday after the aircraft company reported better-than-expected profit results for Q2 and lifted its full-year forecast.
The company reported Q2 EPS of $1.46 on revenue of $3.42 billion, better than the analyst estimate for earnings of $1.21 per share on revenue of $3.42B. Revenue rose 8.6% year-over-year with the company witnessing higher sales in all of its business segments.
"Operationally, execution was strong across our segments with a segment profit margin of 10.3% in the second quarter of 2023, up 140 basis points from last year's second quarter," said Textron chairman and CEO, Scott Donnelly.
The company hiked its full-year profit forecast to $5.25 per share from the prior forecast of $5.10 per share.
Textron’s Board of Directors approved a new authorization for the repurchase of up to 35 million shares.