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Textron to deliver fewer private jets than "hoping to" in 2022 on supply chain delays

Published 10/27/2022, 09:37 AM
Updated 10/27/2022, 09:41 AM
© Reuters. FILE PHOTO: A view of planes at the Textron Aviation, makers of Cessna and Beechcraft brands, booth at the Henderson Executive Airport during the NBAA Business Aviation Convention & Exhibition in Henderson, Nevada, U.S., October 12, 2021.  REUTERS/Steve M

(Reuters) - Cessna business jet maker Textron Inc (NYSE:TXT) should deliver fewer private jets than originally expected in 2022 due to supply chain problems, the company said on Thursday after reporting a beat on quarterly earnings per share.

Textron Chief Executive Scott Donnelly told analysts the company is ramping up production of jets into 2023, but has been hit by industry-wide supply chain challenges. Textron Aviation delivered 39 jets in the third quarter, down from 49 last year.

© Reuters. FILE PHOTO: A view of planes at the Textron Aviation, makers of Cessna and Beechcraft brands, booth at the Henderson Executive Airport during the NBAA Business Aviation Convention & Exhibition in Henderson, Nevada, U.S., October 12, 2021.  REUTERS/Steve Marcus

"We're clearly not going to get to the number of jets that we were originally hoping to based on some of these delays," Donnelly told analysts. "But we're going to keep that ramping activity going through 2023."

Earlier in the day Textron reported earnings per share of $1.06 for the third quarter. Analysts were expecting $0.93 a share on average according to estimates from Refinitiv.

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