Jet sales help fuel Textron in 1Q

TEXTRON INC. said profit rose 17.2 percent, to $150 million, or 55 cents per diluted share, in the quarter that ended April 2, compared with profit of $128 million, or 46 cents per diluted share, last year.
TEXTRON INC. said profit rose 17.2 percent, to $150 million, or 55 cents per diluted share, in the quarter that ended April 2, compared with profit of $128 million, or 46 cents per diluted share, last year.

PROVIDENCE – Higher aviation, systems and industrial sales fueled increases in income and revenue in Textron Inc.’s first quarter.

The manufacturer said Wednesday that first quarter profit rose 17.2 percent, to $150 million, and 55 cents per diluted share, compared with $128 million, 46 cents per share, in first quarter 2015.

Revenue grew 4.2 percent, to $3.2 billion, from $3 billion during the year-ago period.
Textron Chairman and CEO Scott C. Donnelly said the revenue increase reflected growth in three of the company’s four manufacturing segments, Textron Aviation, Textron Systems and Industrial. Growth was relatively flat in the Bell helicopter segment, he said.

Revenue at Textron Aviation increased $40 million, to $1.09 billion, primarily due to higher jet sales. This unit delivered 34 new jets and 26 King Air turboprops in the quarter, compared with 33 jets and 25 King Airs during the year-ago quarter. Profit in this segment grew to $73 million compared with $67 million last year.

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Textron Systems’ revenue climbed $9 million, to $324 million, a result of higher sales in the unmanned systems product line; segment profit increased $1 million, to $29 million.

The Industrial segment saw revenue growth of $80 million, to $952 million, due to higher volumes and the impact of acquisitions, while profit rose by $9 million, to $91 million.

Bell helicopter’s revenue was flat at $814 million, compared with $813 million last year, but profit increased to $82 million from $76 million.

The Finance segment’s revenue fell to $20 million from $22 million, and profit dipped to $5 million from $6 million.

The company confirmed its earnings per share outlook for 2016 at $2.60 to $2.80.

“Generally, demand in our end markets has been consistent with what we were expecting. We continue to believe that we will be able to generate solid overall growth in revenue, earnings and cash this year,” Donnelly said.

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