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Textron (NYSE: TXT), Providence, Rhode Island, reported total revenues of $3.2 billion for the second quarter of 2019, down 13.4% compared with the second quarter of 2018. Profit for the second quarter fell 3.1% to $217 million.
Revenues at Textron Aviation of $1.1 billion were down $153 million from last year’s second quarter, primarily due to lower volume and mix across the commercial turboprop and defense product lines. Segment profit was $105 million in the second quarter,
Bell revenues were $771 million, down 7% from last year, primarily on lower military volume. Segment profit of $103 million was down $14 million, primarily due to the lower military volume
Revenues at Textron Systems were $308 million, down from $380 million last year, primarily reflecting lower volume at TRU Simulation + Training and Unmanned Systems. Segment profit was up $9 million from last year’s second quarter, primarily due to favorable performance which included a gain related to the formation of our new training business with FlightSafety International Inc.
Industrial revenues of $1 billion decreased $213 million, largely related to the impact from the disposition of our Tools & Test product line and lower volume. Segment profit was down $4 million from the second quarter of 2018, largely due to the impact from lower volume and the product line disposition, partially offset by favorable performance primarily related to the Specialized Vehicles product line.
Finance segment revenues were down $1 million, and profit was up $1 million from last year’s second quarter.
For the first six months total revenue fell 1.3% to $2.3 billion. Profit for the first half of the year fell 4.1% to $396 million.