PROVIDENCE – Textron Inc. reported a profit of $217 million in the second quarter of 2019, or 93 cents per diluted share, a 3.1% decline compared with the same 2018 period, according to the company Wednesday.
Revenue for the multidimensional manufacturer totaled $3.2 billion, a 13.4% decline from $3.7 billion in the second quarter of 2018. Revenue declined in every segment of the company year over year for the quarter.
The company said that it had also returned $159 million to shareholders through share repurchases in the quarter.
“Operationally, we continued to have solid margin performance across our businesses with improvements in the quarter at Aviation and Industrial, and we remain on track for growth in the second half of the year,” said Textron chairman and CEO Scott C. Donnelly.
Segment performance:
Textron Aviation: Revenue declined 12% year over year to $1.1 billion, primarily due to lower volume and mix across the commercial turboprop and defense product lines, according to the company. Segment profit was $105 million, $1 million higher than in the second quarter of 2018.
Bell: Revenue declined 7.2% year over year to $771 million, which was attributed to lower military volume. Segment profit was $103 million, a 12% decline year over year.
Textron Systems: Revenue fell 18.9% to $308 million over the year. Textron cited a decline in TRU Simulation + Training volume as well as Unmanned Systems volume. Segment profit was $49 million, a 22.5% increase year over year.
Industrial: Revenue totaled $1 billion, a 17.4 decline due to the previous sale of the company’s Tools and Test product line. Segment profit was $76 million, a 5% decline year over year.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
