Textron posts $10.7% rise in 2Q revenue

TEXTRON INC. – parent of Bell Helicopter, Cessna Aircraft Company and Textron Systems - reported a 10.7 percent increase in its second-quarter 2012 revenue.
Posted 7/19/12

PROVIDENCE - Textron Inc. – parent of Bell Helicopter, Cessna Aircraft Company and Textron Systems - reported a 10.7 percent increase in its second-quarter 2012 revenue to $3 billion when compared with the same 2011 period.

Net income was reported at $172 million, or $0.58 per share, compared with net income of $90 million, or $0.29 per share in the same period last year.

Profits for the company’s manufacturing segment were $288 million, up $59 million from a year earlier.

Second-quarter 2012 manufacturing cash flow - before pension contributions - totaled $121 million compared with $171 million during the same period in 2011. The company contributed $21 million to its pension plans during the three months ended June 30.

“The payoff from investing in new products and services is reflected in our double-digit revenue growth during the quarter and our focus on operational execution is driving solid results,” Textron chairman and CEO Scott C. Donnelly said in prepared remarks.

“We are also very pleased with recent significant program wins, including the Canadian Tactical Armored Patrol Vehicle, the U.S. Navy’s Ship-to–Shore Connector, upgrades to the U.S. Army’s Shadow TUAS, and an agreement with NetJets to provide up to 150 Citation Latitudes for their fleet, all of which help contribute to the positive outlook we have for our businesses,” added Donnelly.

Revenue at Cessna increased $111 million, reflecting the delivery of 49 new Citation jets in the quarter, compared with 38 during the second quarter of 2011.

A segment profit of $35 million was an improvement of $30 million, primarily due to the higher volumes, according to the company. Backlog at the end of the second quarter was $1.5 billion, down $196 million from the end of 2011.

Bell revenue increased $184 million in the three months ended June 30 from the same period in 2011. This revenue rise was primarily due to the delivery of 47 commercial helicopters compared with 22 units in last year’s second quarter, according to the company. The Bell section also delivered 9 V-22s and 6 H-1s during the quarter.

The company lost ground with Textron Systems, which saw revenue drop $63 million between 2011 and 2012. The revenues dropped primarily due to lower sensor-fuzed weapon and armored security vehicle volumes, according to the company’s release.

In the three months ended June 30, Textron’s industrial revenue increased $37 million due to higher volumes across most of the business, though the company release added that the increased revenue was partially offset by unfavorable foreign exchange rates.

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