PROVIDENCE – Textron Inc. on Thursday reported that its net income for 2022 was $861 million, an increase from $746 million one year prior.
Earnings per diluted share were $4.01, compared to $3.30 in 2021.
The maker of Cessna planes and Bell helicopters posted revenue of $12.8 billion for the year, a 3.7% increase over the $12.4 billion reported in 2021.
“2022 was a strong year at Textron with solid revenue growth, order flow and execution at Aviation, new program awards at Systems, higher revenues and operating profit at Industrial and the contract award for the U.S. Army’s Future Long Range Assault Aircraft program at Bell,” said Textron CEO and Chairman Scott C. Donnelly.
Segment revenues:
- Textron Aviation reported $5 billion in revenue for the year, an 11% increase year over year.
- Bell revenue decreased 8.1% year over year to $3 billion.
- Textron Systems revenue decreased 7.9% year over year to $1.1 billion.
- Industrial revenue increased 8.6% year over year to $3.4 billion.
The company reported a $226 million profit in the fourth quarter, an increase from $207 million one year prior. Quarterly revenue totaled $3.64 billion, an increase from $3.3 billion in the fourth quarter of 2021. The results did not meet Wall Street Street forecasts. Four analysts surveyed by Zacks expected $3.67 billion.
Earnings per diluted share for the quarter were $1.07 per share, an increase from 93 cents per share the year prior, topping Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
Textron expects full-year 2023 earnings in the range of $5 to $5.20 per share, with revenue expected to be $14 billion.
(Material from the Associated Press was used in this report)
