The 2020 Mid-Year Economic Update_long

Textron Sales Down 7.4% in 2Q

Industrial sales grew 3.7 percent in the quarter.

Diversified manufacturer Textron Inc. (NYSE: TXT), Providence, RI, reported sales for the second quarter of $3.2 billion, down 7.4 percent compared to the prior-year quarter. Profit increased 0.7 percent to $302 million.

Industrial sales for the quarter were up 3.7 percent year-over-year to $927 million, primarily due to higher overall volumes.

Aviation sales were down 5 percent to $1.1 billion, primarily reflecting a change in the mix of jets delivered in the quarter.

Bell segment sales were down 24 percent to $850 million, primarily the result of lower aircraft deliveries and a $41 million impact from the settlement of the SDD phase of the ARH program in last year’s second quarter.

Textron Systems sales were up 14.2 percent to $322 million, primarily due to higher Unmanned Systems and Marine and Land Systems volumes, partially offset by lower Weapons and Sensors volume.

For the first half, sales were $6.3 billion, down 0.5 percent year-over-year. Profit was up 8 percent to $565 million.

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