PROVIDENCE – Textron Inc. earned a $225 million profit in the third quarter of 2022, an increase from $185 million one year prior, the company said Thursday.
Earnings per diluted share was $1.06, compared with 82 cents one year prior.
Company revenue totaled $3 billion in the quarter, a rise from $2.99 billion one year prior.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 94 cents per share.
“In the quarter, we saw higher segment profit margin and strong cash generation,” said Textron Chairman and CEO Scott C. Donnelly. “The operating results demonstrate the resiliency of our business segments while navigating ongoing supply chain and labor challenges.”
Textron expects full-year earnings to be $3.90 to $4 per share.
Segment performance:
- Textron Aviation reported $1.2 billion in revenue in the quarter, a decrease of $14 million year over year, attributed to a lower volume of Citation jet sales, a strong aftermarket volume and commercial turboprop sales. Deliveries of jets totaled 39 in the quarter, down from 49 one year prior; and deliveries of commercial turboprop planes totaled 33, a decrease from 35 in the third quarter of 2021.
- Bell segment revenue totaled $754 million, a decline of $15 million year over year, attributed to lower military revenue.
- Textron Systems segment revenue totaled $292 million, a decline of $7 million year over year largely due to lower volume.
- Industrial segment revenue totaled $849 million, an increase of $119 million year over year, primarily due to higher volume and mix of $95 million and a $58 million favorable impact from pricing, principally in the Specialized Vehicles product line.
(Material from the Associated Press was used in this report)
