PROVIDENCE – Textron Inc. reported a $309 million profit in 2020, a decline from $815 million one year prior, the company announced Wednesday.
Earnings per diluted share were $1.35, compared with $3.50 in 2019.
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Yearly revenue totaled $11.6 billion, a decline from $13.6 million one year prior.
Segment revenues:
- Textron Aviation reported a $4 billion revenue for the year, a 23.4% decline year over year.
- Bell revenue increased 1.6% year over year to $3.3 billion.
- Texton Systems revenue declined 0.9% year over year to $1.3 billion
- Industrial revenue declined 21% year over year to $3 billion.
The company, which is based in Providence, reported a $236 million profit in the fourth quarter, an increase from $199 million one year prior. Quarterly revenue totaled $3.7 billion a decline from $4 billion in the fourth quarter of 2019.
“Textron closed out 2020 with a solid performance across all our manufacturing segments,” said Textron CEO and Chairman Scott C. Donnelly. “At Systems, Industrial and Bell, we saw margin improvements, and at Aviation, we delivered 61 jets with continued order momentum.”
The company also projected that its revenue for 2021 would be approximately $12.5 billion, improving from 2020 figures.
“Our outlook reflects continued improvement in our end-markets and our ongoing investments in new products and programs to drive earnings growth and margin expansion,” Donnelly said.
