Textron profit down 12.3% for fourth-quarter, up for entire 2021

TEXTRON INC. earned a profit of $207 million in the fourth quarter of 2021. / COURTESY TEXTRON INC.
TEXTRON INC. earned a profit of $207 million in the fourth quarter of 2021. / COURTESY TEXTRON INC.

PROVIDENCE – Textron Inc. on Thursday reported that its net income for 2021 was $746 million, more than double the $309 million it made in 2020.

But the Providence-based company said its fourth-quarter net income was $207 million – 12.3% down from the $236 million earned in the same period a year ago.

On a per-share basis, Textron said it had a profit of 93 cents for the fourth quarter. Earnings, adjusted for non-recurring costs, were 94 cents per share.

The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 98 cents per share.

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The maker of Cessna small planes and Bell helicopters posted revenue of $12.4 billion for 2021, up 6.3% over the $11.7 billion in 2020 revenue. Much of that increase came in the aviation division, where revenue jumped 14.9% to $4.6 billion, and in the industrial division, which saw a 4.3% increase in revenue to $3.1 billion.

“2021 was a solid year for Textron with strong order flow and execution at Aviation, continued progress on Future Vertical Lift programs at Bell, strong execution and margin performance at Systems, and higher revenues and operating profit at Industrial,” said Textron Chairman and CEO Scott C. Donnelly.

For the year, the profit was $3.30 per share.

Fourth-quarter revenue was down 9.4%, dropping from $3.7 billion in the last three-period of 2020 to $3.3 billion in the fourth quarter of 2021 with revenues declining in the aviation, Bell, Textron Systems and industrial divisions.

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