Home Economy Economic Activity Textron reports $921M profit for 2023, up 7%

Textron reports $921M profit for 2023, up 7%

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01/24/2024

TEXTRON INC. says its net income for 2023 was $921 million, an increase from $861 million one year prior. / COURTESY TEXTRON INC.

PROVIDENCE – Textron Inc. on Wednesday reported that its net income for 2023 was $921 million, an increase from $861 million one year prior. Earnings per diluted share were $4.57, compared with $4.01 the year prior. The maker of Cessna planes and Bell helicopters posted revenue of $13.68 billion for the year, an increase from

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PROVIDENCE – Textron Inc. on Wednesday reported that its net income for 2023 was $921 million, an increase from $861 million one year prior. Earnings per diluted share were $4.57, compared with $4.01 the year prior. The maker of Cessna planes and Bell helicopters posted revenue of $13.68 billion for the year, an increase from $12.9 billion reported in 2022. For the fourth quarter of 2023, Providence-based Textron recorded a net income of $198 million, down 12% from $226 million in the fourth quarter of 2022 while revenue for the three-month period ending Dec. 31 was $3.89 billion, up from $3.64 billion a year earlier. “2023 was a strong year at Textron with solid revenue and profit growth along with segment profit margin expansion,” said Textron Chairman and CEO Scott C. Donnelly. "At Aviation, we saw continued backlog growth and, at Bell, the team began executing on our transformational [future long-range assault aircraft] program." Segment revenues:

Textron Aviation reported $5.3 billion in revenue for the year, a 6% increase year over year.
Bell revenue increased 1.8% year over year to $3.14 billion.
Textron Systems revenue increased 5.3% year over year to $1.2 billion.
Industrial revenue increased 10.85% year over year to $3.3 billion.

The drop in the fourth quarter profit came in part because of $126 million in special charges in the quarter, including $39 million in severance and related costs and $87 million in asset impairment charges, the company said. Quarterly revenue of $3.89 billion missed Wall Street forecasts. Four analysts surveyed by Zacks Investment Services expected $3.92 billion in revenue. Earnings per diluted share for the quarter were $1, a decrease from $1.07 per share the year prior. Textron expects full-year earnings in the range of $6.20 to $6.40 per share, with revenue expected to be $14.6 billion. Material from The Associated Press was used in this report.