Textron reports $263M profit in Q2, beats Wall Street estimates

TEXTRON INC. earned a profit of $263 million in the second quarter of 2023, or $1.30 per diluted share, the company reported Thursday. / COURTESY TEXTRON INC.

PROVIDENCE – Textron Inc. earned a profit of $263 million in the second quarter of 2023, or $1.30 per diluted share, the company reported Thursday. 

The company a year ago reported a profit of $217 million in the same quarter, or $1 per diluted share.

The maker of Cessna small planes and Bell helicopters posted quarterly revenue $3.42 billion, an increase from $3.1 billion one year prior.

The results surpassed Wall Street forecasts. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.20 per share. 

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“During the second quarter, revenue grew 8.6% year over year with higher revenue in all our segments,” said Textron CEO and Chairman Scott C. Donnelly. “Operationally, execution was strong across our segments with a segment profit margin of 10.3% in the second quarter of 2023, up 140 basis points from last year’s second quarter.” 

  • The company’s Textron Aviation segment, which manufactures jets and commercial turboprop planes, reported a profit of $171 million, an increase from $149 million one year prior. 
  • The company’s Bell segment, which manufactures helicopters, reported a profit of $65 million, an increase from $54 million one year prior. 
  • The Textron Systems segment reported a profit of $37 million, a decline from $38 million one year prior. 
  • The company’s industrial segment reported a profit of $79 million, up from $37 million one year prior. 

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