Textron shares rose 8.2% to $85.87 following revenue growth in its latest quarter and its outlook for 2024.
The stock, which is up about 23% over the last 12 months, is on pace for a new all-time high and is currently the second-best performer in the S&P 500.
The industrial conglomerate on Wednesday posted $3.89 billion in the fourth quarter ended Dec. 30, up from $3.64 billion a year earlier. The results came in below analysts’ estimates, who predicted $3.97 billion in revenue.
Leading its revenue growth were results from its Bell segment, which grew $255 million to $1.1 billion. Textron said the increase reflected higher commercial revenue driven by increased deliveries and higher military revenue related to the FLRAA program.
For 2024, the Providence, R.I.-based company forecast revenue around $14.6 billion and adjusted earnings in the range of $6.20 and $6.40 a share. Analysts polled by FactSet expected $14.69 billion in revenue and earnings of $5.97 a share on an adjusted basis.