PROVIDENCE – Textron Inc. earned an $815 million profit in 2019, a 33.3% decline year over year, the company said on Wednesday.
Earnings per share were $3.50 for the year, compared with $4.83 in 2018.
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Revenue declined 2.4% from 2018 to 2019, to $13.6 billion.
Fourth quarter profit totaled $199 million, a 19.1% decline year over year. Revenue increased 7.6% year over year in the quarter to $4 billion.
“Textron Aviation saw double digit revenue growth in the quarter driven largely by initial deliveries of our new Citation Longitude, reflecting our continued investment in new products,” said Textron Chairman and CEO Scott C. Donnelly. “We also saw growth from strong commercial volume at Bell.”
Full year results by segment:
- Textron Aviation had a revenue of $5.2 billion for the year, a 4.3% increase year over year. Segment profit increased less than 1% to $449 million.
- Bell revenue increased 2.3% year over year to $3.3 billion. Segment profit increased 2.4% in that time.
- Textron Systems revenue declined 9% from 2018 to 2019, to $1.3 billion. Segment profit declined 9.6% to $141 million.
- Industrial revenue declined 11.5% year over year to $3.8 billion. Segment profit declined less than a half percent to $217 million.
