PROVIDENCE – Textron Inc. on Wednesday reported that its net income for 2024 was $824 million, down 10.6% from the $922 million one year prior.
Earnings per diluted share were $4.34 compared with $4.57 the year prior.
The maker of Cessna planes and Bell helicopters posted revenue of $13.7 billion for the year, a slight increase from $13.6 billion reported in 2023.
For the fourth quarter of 2024, Providence-based Textron recorded net income of $141 million, down from the $198 million in the fourth quarter of 2022.
Revenue for the three-month period ending Dec. 31 was $3.6 billion, down from $3.89 billion a year earlier.
“While a work stoppage at Textron Aviation impacted our 2024 financial results, we saw strong order activity, aftermarket growth and continued new-product development activities with the announcement of the Gen3 family of light jets,” said Textron CEO and Chairman Scott C. Donnelly. "At Bell, we made significant progress on FLRAA achieving Milestone B, which launched the Engineering and Manufacturing Development phase of the program."
Textron announced on Dec. 20 it has paused production of its of Powersports product line within its industrial segment’s specialized-vehicle business due to weak demand.
The unit manufactures snowmobiles and recreational off-road vehicles, as well as parts and accessories for those vehicles, under the Arctic Cat brand. Textron’s specialized-vehicles portfolio also includes brands such as E-Z-GO, Jacobsen, Cushman and Textron Ground Support Equipment.
As a result of this, management approved additional actions at the industrial segment under Textron’s 2023 restructuring plan. Total pretax special charges related to the 2023 restructuring plan are now expected to increase from the previously announced range of $165 million to $170 million to a range of $190 million to $205 million.
Segment revenues:
- Textron Aviation reported $5.2 billion in revenue for the year, a 1.6% decrease year over year.
- Bell revenue increased 13% year over year to $3.14 billion.
- Textron Systems revenue decreased 0.4% year over year to $1.2 billion.
- Industrial revenue decreased 8.4% year over year to $3.5 billion.