PROVIDENCE – Textron Inc. reported net income of $179 million, or 76 cents per diluted share, for the first quarter of 2019, a decline from $189 million, or 72 cents per diluted share, in the same 2018 period, according to a filing Wednesday with the U.S. Securities and Exchange Commission.
The company reported revenue of $3.1 billion for the quarter, a 5.7% year-over-year decline from the first quarter of 2018.
“Our results in the quarter were driven by growth and performance at Aviation and continued strong execution at Bell, which resulted in significant margin improvements at those segments,” said Textron Chairman and CEO Scott C. Donnelly in prepared remarks.
The company said that in the first quarter that it had repurchased $202 million of common stock from shareholders, compared with $344 million the first quarter of 2018.
The company reported a segment profit of $288 million in the first quarter, a 5.4% gain over the year.
Segment performance:
Textron Aviation reported revenue of $1.1 billion for the quarter, a 12.3% year-over-year increase, while posting operating profit of $106 million, compared with $72 million the year before. The increases were attributed to higher volume and mix across the company’s jet and commercial turboprop product lines, as well as “favorable performance.”
The company’s Bell segment reported revenue of $739 million in the first quarter, a 1.7% decline from one year prior. Segment profit increased 19.5% to $104 million. The company attributed the decline in revenue to lower commercial volume for the helicopter segment, delivering 30 commercial helicopters this quarter compared with 46 the year before, but also attributed the increase in profit to favorable performance. The company also said that the backlog at the end of the first quarter was $6.3 billion, an increase of $459 million from one year prior.
Textron Systems revenue declined 20.7% to $307 million year over year. Operating profit for the segment decline 44% to $28 million over the year. The company attributed the decline to lower volume and “lower net favorable program adjustments.”
The company’s Industrial segment reported revenue of $912 million for the quarter, a 19.4% decline from $1.1 billion in the first quarter of 2018, reflecting the sale of the company’s Tools & Test product line. Segment profit declined 21.9 percent to $50 million year over year.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
