The 2020 Mid-Year Economic Update_long

Textron’s Sales Up 1.6% in Third Quarter

Revenues at Textron Aviation of $1.2 billion were down $68 million from last years third quarter.

Textron (NYSE: TXT), Providence, Rhode Island, reported total revenues of $3.3 billion for the third quarter of 2019, up 1.6% compared with the third quarter of 2018. Profit for the third quarter fell $563 million in 2018 to $220 million.

Revenues at Textron Aviation of $1.2 billion were down $68 million from last year’s third quarter, primarily due to higher jet and aftermarket volume, partially offset by lower defense volume. Segment profit was $104 million in the third quarter, up $5 million from a year ago due to the higher volume and mix and favorable performance, partially offset by higher net inflation.

Bell revenues were $783 million, up $13 million from last year on higher commercial revenues, partially offset by lower military volume. Segment profit of $110 million was down $3 million from a year ago, primarily due to an unfavorable impact from performance which included lower net favorable program adjustments, partially offset by higher volume and mix.

Revenues at Textron Systems were $311 million, down $41 million from last year, primarily reflecting lower armored vehicle volume at Textron Marine & Land Systems. Segment profit of $31 million was up $2 million from last year’s third quarter.

Industrial revenues of $950 million increased $20 million from a year ago, primarily related to a favorable impact from pricing within the Textron Specialized Vehicles product line. Segment profit was up $46 million from the third quarter of 2018, largely due to favorable performance and a favorable impact from net pricing, primarily related to the Specialized Vehicles product line.

Finance segment revenues were down $1 million, and profit was up $2 million from last year’s third quarter.

 

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