TEXTRON INC. reported Wednesday that its second-quarter profit increased 27.4 percent to $144 million, driven primarily by the company's aviation segment, which includes Cessna Aircraft Co. and the recently acquired Beechcraft Corp. Above, the Citation Sovereign+, one of two new business jets Cessna rolled out in December.
PROVIDENCE – Textron Inc. – parent company of Bell Helicopter, Cessna Aircraft Co. and Textron Systems – reported that its net income climbed 27.4 percent in the second quarter to $144 million, or 51 cents per diluted share, compared with $113 million, or 40 cents per diluted share, for the same period last year.
Revenue also showed gains in the second quarter, rising 23.5 percent to $3.5 billion from $2.84 billion in the second quarter of 2013. Manufacturing revenue alone totaled $3.48 billion compared with $2.8 billion reported for the same period a year earlier.
Within the manufacturing section, Textron Aviation (which includes the company’s Cessna business and the recently acquired Beechcraft Corp.) reported revenue of $1.2 billion, more than double the segment sales of $560 million during the same quarter last year. Textron Aviation delivered 36 new jets in the quarter, the company said, up from 20 jets in last year’s second quarter.
Textron’s Bell Helicopter segment increased revenue 9.2 percent to $1.1 billion, while Textron’s Industrial segment posted an 11.6 percent increase to $894 million.
The only manufacturing segments to posted a revenue decline for the second quarter was Textron Systems, which fell 33.2 percent to $282 million due to lower sales volume. Textron Chairman and CEO Scott C. Donnelly said the decline was expected.
Textron’s finance section revenue also dropped, falling 12.9 percent to $27 million from $31 million in 2013.
Textron confirmed its forecast for 2014 revenue, projecting that earnings per share from continuing operations are expected to be in the range of $1.92 to $2.12.