The 2020 Mid-Year Economic Update_long

Textron Sales Up 23.5% in 2Q

Industrial sales grew 11.6 percent in the quarter.

Diversified manufacturer Textron Inc. (NYSE: TXT), Providence, RI, reported sales for the second quarter of $3.5 billion, up 23.5 percent compared to the prior-year quarter. Profit increased 42.7 percent to $304 million.

Industrial sales for the quarter were up 11.6 percent year-over-year to $894 million, primarily due to higher overall volumes and the impact of acquisitions.

Aviation sales were up 111.2 percent to $1.2 billion, reflecting the impact of the Beechcraft acquisition and higher jet deliveries.

Bell segment sales were up 9 percent to $1.1 billion, primarily the higher aircraft deliveries and a $41 million revenue benefit related to settlement with the U.S. DOD.

Textron Systems sales were down 33.2 percent to $282 million, reflecting lower overall volumes.

For the first half, sales were $6.4 billion, up 11.6 percent year-over-year. Profit was up 16.7 percent to $523 million.

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