By Scott Malone

BOSTON (Reuters) - Diversified manufacturer Textron Inc (TXT.N: Quote, Profile, Research) said on Thursday first-quarter profit climbed 17.9 percent, well ahead of Wall Street's expectations, on strong demand for corporate jets and solid growth at its defense business, which makes armored vehicles.

Textron, the world's largest maker of corporate aircraft through its Cessna unit, said net income rose to $231 million, or 91 cents per share, from $196 million, or 77 cents per share, a year earlier.

Profit from continuing operations came to 93 cents per share, above the 85 cents per share analysts had expected on average, according to Reuters Estimates.

Revenue was $3.52 billion, up 18.7 percent from $2.96 billion a year earlier.

"Global demand continues to be brisk across our aircraft and defense business," Lewis Campbell, chairman and chief executive, said on a conference call with investors and analysts.

Textron raised its full-year profit forecast by 5 cents to a range of $3.80 to $4 per share. It forecast a second-quarter profit of 90 cents to $1 per share.

Campbell said the company's revised profit forecast allows for further softening of the U.S. economy.

"Our revised outlook now reflects a more conservative view based on an expectation that the general economy continues to soften," Campbell said. "In today's environment there is a risk to any finance outlook, but we believe our risk is manageable."