Textron tops Wall Street estimates with $191M profit in Q1

TEXTRON INC. says it finished the first quarter with a $191 million profit, a 1% increase over a year ago that also beat Wall Street’s expectations. / COURTESY TEXTRON INC.
TEXTRON INC. says it finished the first quarter with a $191 million profit, a 1% increase over a year ago that also beat Wall Street’s expectations. / COURTESY TEXTRON INC.

PROVIDENCE – Textron Inc. on Thursday reported a $191 million profit in the first quarter, a 1% increase year over year that also beat Wall Street’s expectations.

The company reported a profit of 92 cents per diluted share, up from 88 cents one year prior. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 72 cents per share.

The maker of Cessna small planes and Bell helicopters posted revenue of $3.01 billion, level from a year ago. However, it did not meet Wall Street expectations. Three analysts surveyed by Zacks expected $3.08 billion.

“In the quarter, we saw revenue growth at Aviation, Industrial and Systems,” said Textron Chairman and CEO Scott C. Donnelly. “At Bell, we expect to see revenue growth through the remainder of the year following the resolution of the FLRAA contract protest earlier this month, which allowed us to restart work on the program.”

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Textron segment revenue in the quarter:

  • Textron Aviation revenue totaled $1.14 billion, up from $1.04 billion a year prior, reflecting higher pricing of $58 million and higher volume of $51 million, which included higher defense and aftermarket volume.
  • Bell revenue totaled $621 million, a decline from $$834 million one year prior due to lower military revenues, reflecting lower spares and support volume and V-22 and H-1 production volume..
  • Textron Systems reported $306million in revenue, an increase from $273 million one year prior, largely reflecting higher volume.
  • Industrial segment revenue totaled $932 million, a rise from $838 million a year prior largely due to higher volume and mix at both Textron Specialized Vehicles and Kautex.

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