PROVIDENCE – Textron Inc. reported a profit of $50 million in the first quarter, a 72.1% decline year over year due to impacts from the COVID-19 pandemic, the company said on Thursday.
Earnings per diluted share were 22 cents, compared with 76 cents one year prior.
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Revenue for the quarter was $2.8 billion, a 10.6% decline from the first quarter of 2019.
The company said it was taking steps to weather the impacts of the COVID-19 pandemic.
“Our team is meeting the unprecedented challenges presented by this pandemic with a commitment to the health and safety of our employees and communities, while meeting customer commitments,” Textron Chairman and CEO Scott C. Donnelly said in a statement. “We have taken measures to reduce cost and conserve cash, including temporary plant shutdowns and employee furloughs at many of our commercial businesses. While the effects of COVID-19 on many of our end markets [have] been unfavorable, Bell and Textron Systems delivered higher revenue and strong margin performance for the quarter in their military businesses.”
Segment results:
- Textron Aviation revenue was $872 million, a 23.1% decline year over year. Segment profit was $3 million, a decline from $106 million one year prior. The segment was impacted by delays in the acceptance of aircraft due to COVID-19. The segment also saw $12 million in costs due to temporary manufacturing closures resulting from the pandemic.
- Bell revenue was $823 million, an increase of 11.4% year over year. Segment profit was $115 million, an increase from $104 million in the first quarter of 2019.
- Textron Systems reported $328 million in revenue, a 6.8% increase year over year. Segment profit was $26 million, a decline from $28 million one year prior.
- Industrial revenue was $740 million, an 18.9% decline year over year. Profit was $9 million, a decline from $50 million one year prior. The segment was also impacted by manufacturing-facility closures related to COVID-19.
