The 2020 Mid-Year Economic Update_long

Textron Sales Flat in First Quarter

Revenues at Cessna and Textron Systems increased; revenues fell for Bell, industrial and finance.

Textron Inc. (NYSE: TXT), Providence, RI, reported sales for the first quarter of $2.9 billion, roughly flat with the first quarter of 2012. Profit increased 0.8 percent to $119 million.

Revenues at Cessna increased $39 million, primarily the result of higher used aircraft sales. Cessna delivered 32 new jets in the quarter, down from 38 units in last year’s first quarter. Cessna recorded a segment loss of $8 million, compared to a segment loss of $6 million a year ago.

Bell revenues decreased $45 million, primarily the result of lower military unit deliveries and lower commercial aftermarket sales. Bell delivered 9 V-22’s and 6 H-1’s in the quarter, compared to 10 V-22’s and 7 H-1’s in last year’s first quarter and delivered 40 commercial helicopters, up from 30 units last year. Segment profit decreased $16 million, primarily reflecting the lower military deliveries and commercial aftermarket volumes.

Revenues at Textron Systems increased $52 million, reflecting higher Unmanned Aircraft Systems and Weapons and Sensors volumes, partially offset by lower vehicle deliveries within Land and Marine. Segment profit increased $3 million.

Industrial revenues decreased $28 million, primarily due to lower Fuel Systems and Functional Components product line volumes, reflecting lower automotive demand in Europe and Asia. Segment profit decreased $16 million, reflecting the lower volume and an unfavorable mix.

Finance segment revenues decreased $19 million compared to the first quarter of 2012, reflecting a smaller finance receivable portfolio. The Finance segment reported a profit of $19 million, compared to $12 million in the first quarter of 2012.

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