Textron revenue ticks up in Q3

TEXTRON EARNED $220 million in the third quarter while revenues were $3.3 billion. / COURTESY TEXTRON
TEXTRON EARNED $220 million in the third quarter, while revenue was $3.3 billion. / COURTESY TEXTRON

PROVIDENCE – Textron Inc. reported a profit of $220 million in the third quarter, a 60.9% decline year over year, according to a company filing on Thursday.

Earnings per share were 95 cents for the quarter, compared with $2.26 one year prior. The decline in profit year over year was due to a $410 million after-tax gain in the third quarter of 2018 due to the sale of the company’s Tools and Test Equipment product line.

Company revenue was $3.3 billion in the third quarter, an increase from $3.2 billion one year before.

“Revenue [was] higher in the quarter primarily driven by Textron Aviation and Industrial, and we continued to have good execution with solid margin performance across our businesses,” said Textron Chairman and CEO Scott C. Donnelly.

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Segment breakdown:

  • Textron Aviation reported revenue of $1.2 billion in the quarter, a 6% increase year over year. Segment profit was $104 million, a 5.1% increase year over year. The increase in sales was attributed to a higher jet and aftermarket volume, offset by a lower defense volume.
  • Bell, the company’s helicopter segment, reported revenue of $783 million in the quarter, a 1.6% increase year over year. Segment profit was $110 million, a $3 million decline year over year. The company said that the increased revenue was due to higher commercial sales, offset by a decline in military volume.
  • Textron Systems reported revenue of $311 million, an 11.6% decline year over year. Profit was $31 million, a 6.9% increase year over year. The decline in revenue year over year was attributed to a lower armored vehicle volume at Textron Marine & Land Systems.
  • The company’s industrial segment reported revenue of $950 million in the third quarter, a 2% increase year over year. Profit was $47 million, compared with $1 million one year prior. The increase in sales and revenue were attributed to favorable pricing in the company’s Specialized Vehicles product line.

The company said that it had repurchased $109 million in stock in the third quarter.

Company assets at the end of the quarter were $15.1 billion, an increase from $14.3 billion at the end of 2018. Short-term debt totaled $568 million at the end of the quarter, compared with $258 million at the end of 2018.

Chris Bergenheim is the PBN Web Editor. You may reach him at Bergenheim@PBN.com.

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