PROVIDENCE – Textron Inc. earned a $185 million profit in the third quarter of 2021, a rise from $115 million one year prior, the company said Thursday.
Earnings per diluted share were 82 cents, compared with 50 cents one year prior.
Building a Stronger Heart: Inside South County Health’s Cardiopulmonary Rehab Program
A Heart-Healthy Start to the Year February is American Heart Month—a time to raise awareness…
Learn More
Company revenue totaled $2.99 billion in the quarter, a rise from $2.74 billion one year prior.
“In the quarter, we saw solid execution, higher manufacturing margin and continued strong cash generation,” said Textron Chairman and CEO Scott C. Donnelly. “At Textron Aviation, we continued to see signs of a strong recovery in the general aviation market with a 49% increase in revenue over last year’s third quarter and a $721 million increase in backlog.”
Segment performance:
- Textron Aviation reported $1.2 billion in revenue in the quarter, a rise of $386 million year over year, attributed to a higher volume of Citation jet sales, a strong aftermarket volume and commercial turboprop sales. Deliveries of jets totaled 49 in the quarter, a rise from 25 one year prior; and deliveries of commercial turboprop planes totaled 35, a rise from 21 in the third quarter of 2020.
- Bell segment revenue totaled $769 million, a decline of $24 million year over year, attributed to lower military revenue.
- Textron Systems segment revenue totaled $299 million, a decline of $3 million year over year. The decline was attributed largely to a $39 million decline in sales of the company’s Air Systems product line, which Textron said was reflective of the U.S. Army’s withdrawal from Afghanistan.
- Industrial segment revenue totaled $730 million, a decline of $102 million year over year, which was largely attributed to order disruptions caused by supply chain issues.
