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Cessna business jet maker Textron reported a lower-than-expected quarterly profit on Thursday, hit by a slump in sales of its turboprop aircraft, sending its shares down 6.3 percent.
The company’s business jet deliveries were flat in the third quarter despite a recovery in the sector driven by U.S. President Donald Trump’s tax cuts.
Textron, which also makes Bell helicopters, said it delivered 41 business jets in the quarter ended Sept. 29. Sales of its turboprop aircraft fell to 43 units from 57 last year.
The company narrowed its 2018 earnings per share forecast to a range of $3.20 to $3.30, from $3.15 to $3.35.
Textron’s income from continuing operations rose to $563 million, or $2.26 per share, in the third quarter, from $159 million, or 60 cents per share, a year earlier.
Excluding the gain on the sale of a business, Textron earned 61 cents per share, below analysts’ average estimate of 76 cents per share, according to Refinitiv data.
Total revenue fell about 8.2 percent to $3.20 billion.