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Textron Inc. (NYSE: TXT), Providence, RI, reported sales for the third quarter of $3 billion, up 6.6 percent from the same period a year ago. Profit increased 6.3 percent to $151 million. Manufacturing segment profit was $254 million compared to $260 million in the third quarter of 2011.
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Industrial sales increased $28 million in the quarter, reflecting higher volumes in our golf and turf and automotive businesses partially offset by unfavorable foreign exchange. Segment profit increased $1 million primarily due to the higher volume, partially offset by inflation that exceeded price increases.
Third-quarter revenues at Cessna increased $7 million as higher used aircraft sales more than offset a decline in new Citation jet deliveries. Segment profit of $30 million was down $3 million from a year ago.
Bell third-quarter sales increased $181 million in the third quarter from the same period in the prior year, primarily reflecting commercial deliveries of 46 units in the third quarter of 2012, compared to 26 helicopters in last year’s third quarter. Segment profit increased $22 million, primarily reflecting higher volumes.
Third-quarter sales at Textron Systems decreased $62 million primarily due to lower volumes. Segment profit decreased $26 million, reflecting charges associated with new fee-for-service unmanned aerial system contracts and lower volumes.
Finance segment revenues increased $32 million compared to the third quarter of 2011. The segment reported a profit of $28 million compared to a $24 million loss in last year’s third quarter.
For the first nine months, sales increased 10.6 percent to $8.9 billion. Profit increased 69 percent to $441 million.