Textron reports $193M Q1 profit, tops Wall Street estimates

PROVIDENCE – Textron Inc. on Thursday reported a $193 million profit in the first quarter, an 11.3% increase over a year ago that also beat Wall Street’s expectations.

The company reported a profit of 88 cents per diluted share, up from 75 cents one year prior. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.

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The maker of Cessna small planes and Bell helicopters posted revenue of $3 billion, a rise from $2.8 billion one year prior, also beating Wall Street forecasts. Three analysts surveyed by Zacks expected $2.97 billion.

“In the quarter, we saw higher overall revenue, net operating profit and cash generation as compared to last year’s first quarter,” said Textron Chairman and CEO Scott C. Donnelly. “We saw continued strong order momentum with backlog growth of $1 billion and solid execution with segment profit margin of 11.6%.”

Textron segment revenue in the quarter:

• Textron Aviation revenue totaled $1.04 billion, up from $865 million a year prior, largely due to higher aircraft and aftermarket volume.
• Bell revenue totaled $834 million, a decline from $846 million one year prior due to lower commercial revenue of $32 million, largely reflecting the mix of aircraft sold during the periods.
• Textron Systems reported $273 million in revenue, a decline from $328 million one year prior, largely due to the impact of lower volume and mix of $11 million and an unfavorable impact from performance of $9 million, primarily reflecting lower net favorable program adjustments related to fee-for-service contracts.
• Industrial segment revenue totaled $838 million, a rise from $825 million a year prior. The increase was attributed to a favorable impact of $46 million from pricing, principally in the specialized vehicles product line, partially offset by lower volume and mix in the fuel systems and functional components product line due to the impact of global supply chain shortages on auto OEM customers.

(The Associated Press contributed to this report.}