The 2020 Mid-Year Economic Update_long

Textron Sales Up 18.1% in 3Q

Industrial sales grew 10.4 percent in the quarter.

Diversified manufacturer Textron Inc. (NYSE: TXT), Providence, RI, reported sales for the third quarter of $3.4 billion, up 18.1 percent compared to the prior-year quarter. Profit increased 40.9 percent to $293 million.

Industrial sales for the quarter were up 10.4 percent year-over-year to $785 million, primarily due to higher overall volumes and the impact of acquisitions.

Aviation sales were up 82 percent to $1.1 billion, reflecting the impact of the Beechcraft acquisition and higher jet deliveries.

Bell segment sales were up 1.7 percent to $1.2 billionprimarily the result of higher V-22 program volume, partially offset by lower H-1 and commercial deliveries.

Textron Systems sales were down 11.6 percent to $358 million, reflecting lower overall volumes, partially offset by acquisitions.

For the first nine months, sales were $9.8 billion, up 13.8 percent year-over-year. Profit was up 24.4 percent to $816 million.

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