Oct 23 (Reuters) - Textron TXT.N beat third-quarter profit estimates on Thursday, helped by higher deliveries at its aviation segment and sustained strength in its Bell helicopter business.
The company continues to benefit from the Bell MV-75 Valor tiltrotor aircraft program with the U.S. Army. The Bell segment saw a $1.3 billion sequential rise in quarterly backlog reflecting the award for the prototype testing and evaluation phase of the program.Textron's Bell unit, which makes military and commercial helicopters as well as tiltrotors, posted a 10% rise in quarterly revenue from a year ago.
The segment's chief Lisa Atherton was appointed to succeed Textron CEO Scott Donnelly, earlier this week.The company's aviation segment, which manufactures Cessna and Beechcraft aircraft, also saw a 10% rise in quarterly revenue on the back of higher deliveries of its Citation business jet and commercial turboprops.
Robust demand for its aftermarket parts and services also buoyed profits in the segment.
Textron, however, noted a fall in revenue in its industrial segment following the divestiture of the Powersports business.The company's quarterly adjusted profit stood at $1.55 per share, compared with the average of analysts' estimates of $1.45 per share, according to LSEG compiled data.Its total revenue rose 5% to $3.60 billion in the third quarter, compared with estimates of $3.70 billion.
Providence, Rhode Island-based Textron reiterated its annual adjusted profit forecast to range between $6 and $6.20 per share.
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Leroy Leo)
((Aatreyee.Dasgupta@thomsonreuters.com;))