Textron lifts 2021 profit forecast again on business jet strength

Cessna employee Dwight Bennett works inside of a jet during a tour of the Cessna business jet assembly line at their manufacturing plant in Wichita, Kansas August 14, 2012. REUTERS/Jeff Tuttle

July 29 (Reuters) – Textron Inc (TXT.N) on Thursday beat Wall Street estimates for quarterly profit and raised its full-year adjusted profit forecast for the second time this year, on higher demand for private aircraft.

Business jet traffic has rebounded from COVID-19 pandemic lows more quickly than commercial flights in the United States, helped by wealthy leisure travelers and some would-be first time flyers avoiding airlines.

Textron expects to get back to production levels similar to 2019 by 2022. General Dynamics Corp (GD.N) said on Wednesday it would make more of its Gulfstream jets. read more

While Textron Chief Executive Scott Donnelly told analysts the higher demand “seems to be quite sustainable”, the maker of Cessna business jets is

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IGC lowers wheat production forecast | 2021-08-02

LONDON — The International Grains Council on July 29 lowered its forecast for 2021-22 world wheat production by 1.3 million tonnes, to 788.1 million tonnes, still a record world outturn and compared with 773.4 million tonnes in 2020-21. The IGC said its lower production forecast was tied to downgrades for crop prospects in the United States, Canada and Russia, which more than offset higher production projections for Pakistan, Brazil, the European Union, the United Kingdom and Australia.

The IGC forecast US wheat production this year at 47.5 million tonnes, down 3.6 million tonnes, or 7%, from its June projection and down 2.2 million tonnes, or 4%, from 49.7 million tonnes in 2020.

“The US winter wheat harvest was delayed by wet conditions but made better progress in the second half of July, reaching 84% done by 25 July (81% average),” the IGC noted. “Crop quality was reported to be mixed,

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Homebuilder D.R. Horton slips on bleak order forecast

A D.R. Horton home building project is pictured in San Marcos, California July 28, 2015. REUTERS/Mike Blake/File Photo

July 22 (Reuters) – Largest U.S. homebuilder D.R. Horton Inc (DHI.N) said on Thursday it expected current-quarter orders to be even lower than the third quarter as it limits new bookings amid a slowdown in homebuilding due to high material and labor costs.

Shares of the company were down nearly 3% in afternoon trading as third-quarter orders, an indicator of future revenue, fell 17% and missed estimates.

“Based on the stage of completion of our current homes and inventory, production schedules and capacity, we expect to continue restricting the pace of our sales orders,” Chief Financial Officer Bill Wheat said on a call with analysts.

The COVID-19 pandemic, which boosted the U.S. housing market with people seeking spacious accommodations while working from home, also disrupted labor supply at saw mills and ports,

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North America’s $229B+ Wood Products Market: Insights & Forecast (2021-2025) with COVID-19 Impact Analysis – ResearchAndMarkets.com

DUBLIN–()–The “North America Wood Products Market (Softwood Lumber, Oriented Strand Board & Plywood): Insights & Forecast with Potential Impact of COVID-19 (2021-2025)” report has been added to ResearchAndMarkets.com’s offering.

The North American wood products market is forecasted to reach US$229.27 billion by 2025, witnessing growth at a CAGR of 6.75% over the period spanning 2021-2025.

Factors such as growing population, escalating new residential construction, high availability of forest reserves, surging demand for wooden furniture in offices and the rising inclination of the population towards home repair and remodeling would drive the growth of the market.

However, growth would be challenged by price fluctuations in North American softwood lumber and the rising availability of alternatives for wood products. A few notable trends include accelerating preference for engineered wood, an upsurge in housing starts, growing investment in the development and renovation of tourism infrastructure and an upswing in wood

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