Textron reports $217M profit in Q2, beats Wall Street estimates

TEXTRON INC. earned a profit of $217 million in the second quarter of 2022, or $1 per diluted share, the company reported Thursday. / COURTESY TEXTRON INC.

PROVIDENCE – Textron Inc. earned a profit of $217 million in the second quarter of 2022, or $1 per diluted share, the company reported Thursday.

One year prior, the company reported a profit of $183 million, or 81 cents per diluted share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 88 cents per share.

Quarterly revenue totaled $3.1 billion, a slight dip from $3.2 billion one year prior and which missed Wall Street forecasts. Four analysts surveyed by Zacks expected $3.23 billion.

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  • The company’s Textron Aviation segment, which manufactures jets and commercial turboprop planes, reported a profit of $155 million, an increase from $96 million one year prior.
  • The company’s Bell segment, which manufactures helicopters, reported a profit of $63 million, a decline from $110 million one year prior.
  • The Textron Systems segment reported a profit of $42 million, a decline from $48 million one year prior.
  • The company’s industrial segment reported a profit of $41 million, after a $32 million loss one year prior.

“We saw another solid quarter of earnings and cash generation in the second quarter,” said Textron chairman and CEO Scott C. Donnelly. “At Aviation, we saw continued growth, strong execution and ongoing order momentum.”

The company also said that it returned $282 million to shareholders through share repurchases in the second quarter.

(Material from The Associated Press was used in this report.)

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