The 2020 Mid-Year Economic Update_long

Textron’s Sales Down 2.1% in 2019

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Textron (NYSE: TXT), Providence, Rhode Island, reported total revenues of $13.6 billion for 2019, down 2.1% over 2018. Profit fell 33.3% to $815 million.

The company reported sales of $4 billion for the fourth quarter of 2019, up 7.6% compared with the fourth quarter of 2018. Profit for the quarter fell 19.1% in 2018 to $199 million.

Revenues at Textron Aviation of $1.7 billion were up 11%, primarily due to higher volume and mix, largely reflecting the Longitude’s entry into service. Textron Aviation delivered 71 jets, up from 63 last year, and 59 commercial turboprops, down from 67 last year. Segment profit was $134 million in the fourth quarter, down from $170 million a year ago, primarily due to the mix of products sold and an unfavorable impact from inflation, net of pricing. Textron Aviation backlog at the end of the fourth quarter was $1.7 billion.

Bell revenues were $961 million, up 16% from $827 million last year, primarily on higher commercial volume. Bell delivered 76 commercial helicopters in the quarter, up from 46 last year. Segment profit of $118 million was up $10 million, largely on the higher commercial volume. Bell backlog at the end of the fourth quarter was $6.9 billion.

Revenues at Textron Systems were $399 million, up 16% from $345 million last year, primarily due to higher volume. Segment profit of $33 million was down from $37 million last year, due to unfavorable performance, partially offset by higher volume and mix. Textron Systems’ backlog at the end of the fourth quarter was $1.2 billion.

Industrial revenues were $927 million, a decrease of $81 million from last year, largely related to lower volume and mix primarily at Textron Specialized Vehicles, principally reflecting a shift in the timing of snow sales to the third quarter of 2019. Segment profit was down $29 million from the fourth quarter of 2018, largely due to volume and mix at Kautex and the lower volume at Textron Specialized Vehicles, partially offset by favorable performance.

Finance segment revenues were up $1 million, and profit was up $2 million from last year.

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