PROVIDENCE – Textron Inc. (NYSE: TXT) today posted a 52.6-percent increase in full-year profit, to $917 million in 2007 from $601 million in 2006, on annual revenue that increased 15.1 percent to $13.22 billion.
Diluted earnings per share increased to $3.60 from the year-ago $2.31 per share. Income from continuing operations rose 88 cents to $3.59, while income from discontinued operations rose $1.29 to $3.60 per share, most of which was attributable to income taxes, Textron said.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
In the manufacturing segment, Cessna Aircraft posted revenue of $5.00 billion, a 20.3-percent increase from the previous year’s $4.16 billion; Bell Helicopter posted revenue of $3.91 billion, a 14.9-percent increase from 2006’s $3.41 billion; and Textron Industrial (including E-Z-Go, Greenlee, Jacobsen, Kautex and the Fluid & Power Group) posted revenue of $3.43 billion, or 9.8 percent above the division’s $3.13 billion revenue in 2006. Meanwhile, the Textron Financial segment posted full-year revenue of $875 million, a 9.6-percent increase from the previous year’s $798 million.
“Even with the softer U.S. economy, we expect another banner year of business jet orders exceeding current-year deliveries,” said Lewis B. Campbell, the parent company’s chairman, president and CEO. “Our jet backlog already extends well into 2009,” he noted. “This bodes well for continued, uninterrupted growth well into the next decade at Textron.”
The combined backlog of ordrs at Cessna, Bell and Textron Systems stood at $18.8 billion on Dec. 29, a 45.7-percent increase from their $12.9 billion backlog at the end of 2006.
For the fourth quarter, Textron posted a profit of $256 million – an increase of 0.4 percent from the third quarter and 31.3 percent from the fourth quarter of 2006 – on total revenue that increased 18.75 percent year-over-year to $3.76 billion. Diluted earnings amounted to $1 per share, the same as the preceding quarter’s but 24 cents more than the year-ago period’s.
“Our fourth quarter culminates a year of powerful performance at Textron on many fronts,” Campbell said. “The positive impact of our ongoing journey to become the premier multi-industry company is apparent in our top-line growth and our ability to convert that growth into profits.”
In 2008, the company predicts full-year revenue will increase to about $15 billion, or 13 percent more than in 2007, while diluted earnings will rise 35 cents to $3.95 per share.
That forecast includes expenses for a new project – the development of a large-cabin intercontinental version of the Citation, the Cessna division’s flagship business jet – whose approval by the Textron board of directors was announced today.
“I’m ecstatic to announce we are extending the Citation line upward,” said Jack J. Pelton, chairman, president and CEO of Cessna Aircraft Co., “and grateful for the patience of the customers who have urged Cessna to add a large-cabin Citation – including many who are planning to move up from their existing Citation business jets.”
The existing Citations can carry up to 10 passengers; the maximum capacity of the planned large-cabin version has not yet been disclosed, though a company spokeswoman did say the new jet will have an estimated range of 4,000 nautical miles. (The full text of today’s announcement is available at cessna.com.) Program details are to be announced by Cessna on Feb. 6.
The project is “an important strategic step in the long-term positioning of Cessna’s product line in the global marketplace,” Campbell said, adding: “We have the utmost confidence in Cessna’s ability to meet customer needs with this new jet.”
Textron Inc. (NYSE: TXT), based in Providence, is a $13.22 billion company with about 37,000 employees in 33 countries. Additional information is available at www.textron.com.
