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Textron Profits Rise on More Business Jet Sales

Textron Inc, the world's largest maker of business jets, reported a 17 percent rise in quarterly profit as sales of its flagship Cessna aircraft picked up after five straight quarters of decline.Business jet sales have been sluggish for the past two years, mainly due to U.S. government budget cuts. But spending on such jets is expected to pick up in 2014 as business owners become more confident about the U.S. economy.Textron, which also makes Bell helicopters and EZ-Go golf carts, delivered 62 Citation business jets in the fourth quarter ended Dec. 28, up from 53 a year earlier."There is optimism across the business jet industry that 2013 will have been the bottom year for unit deliveries of business jets," said Jens Hennig, vice-president of operations at General Aviation Manufacturers Association (GAMA).Global business jet shipments fell 2 percent to 421 aircraft in the first nine months of 2013, according to GAMA, which represents more than 50 fixed-wing aircraft makers. Full-year f...

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