Textron sees profit grow to $171M in Q1

TEXTRON INC. reported a $171 million profit in the first quarter of 2021. / COURTESY TEXTRON

PROVIDENCE – Textron Inc. on Thursday reported a $171 million profit in the first quarter of 2021, or 75 cents per diluted share, a rise from $50 million, or 22 cents per share, one year prior.

Quarterly revenue totaled $2.9 billion, a rise from $2.7 billion one year prior.

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“Revenues were higher in the quarter primarily driven by higher volumes at Industrial and Bell, with solid margin performance across all our segments,” said Textron Chairman and CEO Scott C. Donnelly. “We also saw improving commercial aircraft demand at both Aviation and Bell in the quarter.”

Textron segment revenue in the quarter:

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  • Textron Aviation revenue totaled $865 million, a decline from $872 million one year prior, primarily attributed to lower aftermarket volume.
  • Bell revenue totaled $846 million, a rise from $823 million one year prior due to higher commercial volumes but offset by lower military revenue.
  • Textron Systems reported $328 million in revenue, level with one year prior.
  • Industrial segment revenue totaled $825 million, a rise from $740 million one year prior. The increase was attributed to a higher volume, as well as favorable impacts from pricing and foreign exchange rate fluctuations.

With a strong start to the year, we expect to see continuing improvements in commercial demand across our end-markets,” Donnelly said.

The company also noted that it had returned $91 million to shareholders through share repurchases in the first quarter.

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