The 2020 Mid-Year Economic Update_long

Textron Sales Up 7.9% in 1Q

Industrial sales were up 9.4 percent year-over-year.

Diversified manufacturer Textron Inc. (NYSE: TXT), Providence, RI, reported sales for the first quarter of $3.1 billion, up 7.9 percent from the prior-year quarter. Profit increased 50.6 percent to $128 million.

Industrial sales for the quarter were up 9.4 percent year-over-year to $872 million, primarily due to higher overall volumes and the impact of acquisitions, partially offset by an unfavorable year-over-year impact from foreign exchange. 

Aviation sales were up 33.8 percent to $1.1 billion, primarily reflecting the impact of the Beechcraft acquisition.

Bell segment sales were down 6.9 percent to $813 million, primarily the result of lower V-22 deliveries.

Textron systems sales were down 13.2 percent to $315 million, primarily due to lower marine and land systems volumes.

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