Textron posts $269M profit in Q3

TEXTRON INC. Inc. earned a $269 million profit in the third quarter of 2023, an increase from $225 million one year prior, the company said Thursday. / COURTESY TEXTRON INC.

PROVIDENCE – Textron Inc. earned a $269 million profit in the third quarter of 2023, an increase from $225 million one year prior, the company said Thursday.

The company posted earnings per diluted share of $1.35, compared with $1.06 one year prior.

Revenue totaled $3.34 billion in the quarter, a rise from $3 billion one year prior but still missing Wall Street forecasts. Four analysts surveyed by Zacks Investment Research expected $3.45 billion.

“In the quarter, we saw higher overall revenues and net operating profit driven by growth at aviation, industrial and systems,” said Textron CEO and Chairman Scott C. Donnelly. “At aviation, we saw our strongest order quarter of the year with a 12% increase over the third quarter of 2022.”

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Textron expects full-year earnings in the range of $5.45 to $5.55 per share.

Segment performance:

  • Textron Aviation reported $1.3 billion in revenue in the quarter, an increase from $1.1 billion the year prior, reflecting higher volume and mix of $89 million and higher pricing of $82 million. Textron Aviation delivered 39 jets in the quarter, flat with last year, and 38 commercial turboprops, up from 33 in last year’s third quarter.
  • Bell segment revenue totaled $754 million, flat with the third quarter of 2022, attributed to lower commercial helicopter volume, largely reflecting supply-chain constraints, partially offset by higher military volume.
  • Textron systems revenue was $309 million, up $17 million from last year’s third quarter, largely reflecting higher volume. Segment profit of $41 million was up $10 million, compared with the third quarter of 2022, primarily due to a favorable impact from performance of $8 million.
  • Industrial segment revenue was $922 million, up $73 million from last year’s third quarter, largely due to higher volume and mix of $45 million at both product lines and an $18 million favorable impact from pricing, principally in the specialized vehicles product line.

(Material from The Associated Press was used in this report.)

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