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Textron (TXT) Achieves Milestone for Its Cessna Aircraft
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Textron Inc. (TXT - Free Report) has delivered its 3000th Cessna Grand Caravan EX. With the latest delivery made to the Brazil aviation company Azul Conecta, Textron achieves a milestone in the Cessna Caravan family turboprop, highlighting the strong global demand for the aircraft.
Importance of Cessna Caravan & Cessna Grand Caravan EX jets
The Cessna Caravan’s rugged utility and flexibility, as well as the combination of its high-performance capability at low operating costs, coupled with the ability to adapt to a wide variety of missions, make it a top choice in the utility turboprop category.
Then again, the Cessna Grand Caravan EX aircraft is known for its dependable and efficient performance by regional airlines, charter operators and cargo carriers worldwide.
Underpinned by such remarkable features, Textron aviation was able to achieve such milestones in the Cessna Caravan family of aircraft. Textron’s capability to build such stealth aircraft has led the company to carve out a strong niche in the global jet market. Its strong positioning in the global aircraft manufacturing market can be gauzed by its robust backlog of $6.3 billion at the end of the first nine months of 2022.
Growth Prospects in Utility Aircraft Market
The demand for utility aircraft is expected to witness a northward trend, buoyed by the rising use of aircraft for transporting goods, supplies and people, especially in remote areas. In this context, it is imperative to mention that the utility aircraft market is projected to see a CAGR of more than 4% in 2023-2028, per a report by Mordor Intelligence.
Considering Textron’s established position in the utility aircraft market, backed by its in-depth experience and immense capability in manufacturing the same, the company is well-poised to reap the benefits of the expanding market.
Airbus (EADSY - Free Report) is another forerunner in this segment, which can avail the perks of the expanding utility aircraft market. Airbus’ H225 is the choice of commercial operators and governmental agencies for its long-range and all-weather search and rescue capabilities.
Airbus boasts a long-term earnings growth rate of 12.4%. Shares of EADSY have rallied 49.4% in the past six months.
Price Movement
In the past six months, shares of Textron have gained 16.8% compared with the industry’s growth of 9.2%.
Some better-ranked stocks in the same industry are Safran (SAFRY - Free Report) and MTU Aero Engines (MTUAY - Free Report) . Safran currently sports a Zacks Rank #1 (Strong Buy) and MTU Aero Engines has Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for Safran’s 2023 earnings indicates an upward revision of 4.6% in the past 60 days. The Zacks Consensus Estimate for 2023 sales suggests a growth rate of 32% from the prior-year reported figure.
Safran boasts a long-term earnings growth rate of 40.8%. SAFRY shares have gained 8.1% in the past year.
The Zacks Consensus Estimate for MTUAY’s 2022 earnings implies growth of 17.2% from the prior-year reported figure. The Zacks Consensus Estimate for its 2022 sales indicates growth of 19.3% from the prior-year reported number.
The Zacks Consensus Estimate for MTUAY’s 2023 earnings indicates growth of 26.6% from the 2022 estimated figure. Shares of MTUAY have risen 8.4% in the past year.
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Textron (TXT) Achieves Milestone for Its Cessna Aircraft
Textron Inc. (TXT - Free Report) has delivered its 3000th Cessna Grand Caravan EX. With the latest delivery made to the Brazil aviation company Azul Conecta, Textron achieves a milestone in the Cessna Caravan family turboprop, highlighting the strong global demand for the aircraft.
Importance of Cessna Caravan & Cessna Grand Caravan EX jets
The Cessna Caravan’s rugged utility and flexibility, as well as the combination of its high-performance capability at low operating costs, coupled with the ability to adapt to a wide variety of missions, make it a top choice in the utility turboprop category.
Then again, the Cessna Grand Caravan EX aircraft is known for its dependable and efficient performance by regional airlines, charter operators and cargo carriers worldwide.
Underpinned by such remarkable features, Textron aviation was able to achieve such milestones in the Cessna Caravan family of aircraft. Textron’s capability to build such stealth aircraft has led the company to carve out a strong niche in the global jet market. Its strong positioning in the global aircraft manufacturing market can be gauzed by its robust backlog of $6.3 billion at the end of the first nine months of 2022.
Growth Prospects in Utility Aircraft Market
The demand for utility aircraft is expected to witness a northward trend, buoyed by the rising use of aircraft for transporting goods, supplies and people, especially in remote areas. In this context, it is imperative to mention that the utility aircraft market is projected to see a CAGR of more than 4% in 2023-2028, per a report by Mordor Intelligence.
Considering Textron’s established position in the utility aircraft market, backed by its in-depth experience and immense capability in manufacturing the same, the company is well-poised to reap the benefits of the expanding market.
Airbus (EADSY - Free Report) is another forerunner in this segment, which can avail the perks of the expanding utility aircraft market. Airbus’ H225 is the choice of commercial operators and governmental agencies for its long-range and all-weather search and rescue capabilities.
Airbus boasts a long-term earnings growth rate of 12.4%. Shares of EADSY have rallied 49.4% in the past six months.
Price Movement
In the past six months, shares of Textron have gained 16.8% compared with the industry’s growth of 9.2%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Textron currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some better-ranked stocks in the same industry are Safran (SAFRY - Free Report) and MTU Aero Engines (MTUAY - Free Report) . Safran currently sports a Zacks Rank #1 (Strong Buy) and MTU Aero Engines has Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for Safran’s 2023 earnings indicates an upward revision of 4.6% in the past 60 days. The Zacks Consensus Estimate for 2023 sales suggests a growth rate of 32% from the prior-year reported figure.
Safran boasts a long-term earnings growth rate of 40.8%. SAFRY shares have gained 8.1% in the past year.
The Zacks Consensus Estimate for MTUAY’s 2022 earnings implies growth of 17.2% from the prior-year reported figure. The Zacks Consensus Estimate for its 2022 sales indicates growth of 19.3% from the prior-year reported number.
The Zacks Consensus Estimate for MTUAY’s 2023 earnings indicates growth of 26.6% from the 2022 estimated figure. Shares of MTUAY have risen 8.4% in the past year.