Providence-based Textron Inc. reported Thursday first-quarter earnings per share of 91 cents, exceeding its target range and up from 26 cents per share reported a year ago. Net income in the quarter was $126 million compared to $37 million a year ago. Segment profit climbed to $244 million, up 41 percent from last year’s level. Revenues in the quarter were $2.8 billion, up over 19 percent from last year, primarily driven by double-digit gains at Bell and Cessna.
“Overall first-quarter results were solid with excellent revenue growth and strong order intake at most of our businesses,” said Textron Chairman, President and CEO, Lewis Campbell.
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Based on the strength of its markets, Textron now anticipates full-year revenue growth will be at least 12 percent. Coupled with continued progress on its Transformation initiatives, Textron now expects that full-year earnings per share will be between $4.05 and $4.25, up 20 cents from its previous guidance. Second-quarter earnings are expected to be between $1.05 and $1.15 per share.
Bell segment revenues increased $109 million, while profit was up $23 million. Commercial revenues increased primarily due to higher helicopter volume reflecting the delivery of Model 412 helicopters to Pakistan and higher spare parts sales. U.S. government revenues were down reflecting lower V-22 revenue, partially offset by higher sales of air-launched weapons and spares.
Segment profit was up as higher commercial profits, driven by higher international military sales, more than offset lower profits from the U.S. government business. Backlog at Bell Helicopter ended the quarter at $2.9 billion, slightly higher than year-end.
At Cessna, revenues grew $295 million primarily due to higher Citation jet volume, the consolidation of CitationShares, and higher Caravan volume, partially offset by lower used aircraft sales.
Profit increased $65 million due to higher volume and pricing, which was partially offset by inflation.
Cessna’s continued strong order intake resulted in an increase to backlog of $100 million during the quarter, yielding an ending level of $5.5 billion for unaffiliated customers, plus an additional $470 million for CitationShares.
Fastening Systems revenues were up $24 million as a result of higher pricing and favorable foreign exchange, offset by lower volume, primarily due to soft demand in the North American auto market.
Profits were down $26 million, primarily resulting from higher steel and new plant ramp-up costs, which were partially offset by higher pricing.
