The 2020 Mid-Year Economic Update_long

Textron Sales Flat in 1Q

Industrial sales up 9.6 percent year-over-year.

Diversified manufacturerTextron Inc. (NYSE: TXT), Providence, RI, reported sales for the first quarter of $2.8 billion, flat compared to the prior-year quarter. Profit decreased 28.6 percent to $85 million.

Industrial sales for the quarter were up 9.6 percent year-over-year to $797 million,primarily due to higher fuel systems and functional components product line volume, reflecting automotive industry demand in Europe and Asia.

Aviation sales were up 10.9 percent to $785 million,reflecting the impact of the Beechcraft acquisition, higher jet deliveries and higher aftermarket sales.

Bell segment sales were down 8 percent to $873 million,primarily the result of lower commercial and military aircraft deliveries partially offset by higher military product support volume.

Textron sales were down 15.4 percent to $363 million,reflecting lower unmanned aircraft systems and marine and land systems volumes, partially offset by higher volume within weapons and sensors.

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