The 2020 Mid-Year Economic Update_long

Textron Sales Down 1% in 2013

Industrial segment sales for the manufacturer increased 4 percent for the year.

Textron Inc. (NYSE: TXT), Providence, RI, reported sales for 2013 of $12.1 billion, down 1 percent from 2012. Profit fell 15 percent to $498 million.

For the fourth quarter, sales were $3.5 billion, up 4 percent from the prior-year period. Profit increased 13 percent to $167 million.

Full-year industrial sales were $3 billion, an increase of 4 percent from the prior year. Segment profit grew 13 percent to $215 million.In the fourth quarter, industrial sales grew 9 percent to $773 million, primarily reflecting higher volumes. Segment profit grew 26 percent to $54 million.

Cessna segment sales increased 2 percent to $923 million, primarily due to the delivery of 62 new Citation jets in the quarter, compared with 53 in the fourth quarter of 2012, partially offset by the impact of the continued wind-down of the CitationAir business and lower Caravan deliveries.  Segment profit grew 43 percent to $33 million.

Bell segment sales grew 20 percent to $1.4 billion, reflecting delivery of 13 V-22’s, 6 H-1’s and 75 commercial aircraft in the quarter compared to 9 V-22’s, 6 H-1’s and 65 commercial units in last year’s fourth quarter. Segment profit was up $1 million to $178 million as the impact of higher volumes was largely offset by lower military margins and manufacturing inefficiencies related to prior period labor negotiations and implementation of a new enterprise resource planning system.

Textron Systems sales decreased $162 million from the fourth quarter of 2012, reflecting lower volumes. Segment profit was up $4 million when compared to the fourth quarter of 2012, as improved performance more than offset the impact of lower volumes.

Finance segment revenues decreased $9 million compared to the fourth quarter of 2012. The segment reported a profit of $2 million, flat with last year’s fourth quarter.

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