Jan 24 (Reuters) – Cessna business jet maker Textron on Wednesday forecast higher private plane deliveries this year and 2024 profit above Wall Street estimates as the U.S. Army replaces Black Hawk helicopters with aircraft made by its Bell unit.

Textron shares rose 6.54% to about $84.4 in early trade, hitting a record high.

Business jet makers expect sustained customer appetite for private planes after a boom during the COVID-19 pandemic, but slowing 2024 global growth and the growing availability of preowned planes could weigh on demand.

In December 2022, the U.S. Army awarded the contract for its next-generation helicopter to Textron’s Bell, as it looked to retire more than 2,000 medium-class Black Hawk helicopters built by Sikorsky.

Photo Rob Vogelaar