PROVIDENCE – Textron Inc. said its profit grew in the second quarter to $90 million from $82 million a year earlier.
Earnings per share for the diversified manufacturer were 29 cents per diluted share for the three months ended July 2, a 7.4 percent gain from 27 cents per diluted share from a year earlier.
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“Second-quarter results benefited from good execution and cost performance at Bell and Industrial,” said Textron Chairman and CEO Scott C. Donnelly. “Cessna returned to an operating profit, driven primarily by higher delivery and aftermarket volumes compared to the first quarter.”
“The demand environment for commercial aircraft remained stable. Given current levels of customer interest and order activity, we expect a significant pick-up in demand in the second half of the year, similar to what we saw last year,” said Donnelly.
Revenue increased $19 million to reach $2.73 billion. Cessna revenue advanced $17 million and delivered 38 new Citation jets in the quarter, compared with 43 deliveries in the last year’s second quarter.
Bell revenue grew $49 million when compared to a year earlier; Bell delivered nine V-22’s, eight H-1’s and 22 commercial aircraft this quarter, compared with eight V-22’s, three H-1’s and 21 commercial units in the same 2010 quarter.
At the same time, segment revenue for Textron Systems declined $82 million to $452 million, due primarily the company said, to lower unmanned aircraft system sales and lower mission support volume. As a result, operating profit fell $21 million.
