PROVIDENCE – Textron Inc. posted a $115 million profit in the third quarter, a decline from $220 million one year prior, the company reported Thursday.
Earnings per diluted share were 50 cents, compared with 95 cents one year prior.
Revenue for the quarter totaled $2.7 billion, a decline from $3.3 billion in the third quarter of 2019. The decline in revenue was primarily attributed to a decline in revenue in the company’s aviation segment.
“Operationally, we saw continued strength in our execution at our defense businesses with solid margin performance at Bell and Systems,” said Textron CEO and Chairman Scott C. Donnelly. “On the commercial side, we saw a continuation of the recovery at Industrial with strong operating results and margin improvement. At Aviation, we were encouraged by the flow of aircraft orders in the quarter as our sales teams re-engaged customers in the field.”
Segment performance:
- Textron Aviation revenue declined 33.8% year over year to $795 million. The segment logged a $29 million loss, compared with a $104 million profit one year prior.
- Bell revenue increased 1.3% year over year to $793 million. Segment profit totaled $119 million, a $9 million increase year over year.
- Textron Systems revenue declined 2.9% year over year to $302 million. Segment profit was $40 million, a $9 million increase year over year.
- Industrial revenue declined 12.4% year over year to $832 million. Segment profit was $58 million, an increase of $11 million year over year.
