Textron Inc. (NYSE: TXT), Providence, RI, reported sales for the fourth quarter of $3.4 billion, an increase of 3.3 percent compared to the same period a year ago. Textron reported a profit of $148 million for the quarter, compared to a year-ago loss of $19 million.
Cessna
Revenues decreased $110 million, reflecting the delivery of 53 new Citation jets in the quarter, compared with 67 in last year’s fourth quarter. Segment profit decreased $37 million, primarily due to a $27.4 million arbitration settlement charge and lower jet volumes.
Bell
Revenues increased $139 million in the fourth quarter from the same period in the prior year. Segment profit increased $10 million, reflecting higher volume and mix.
Textron Systems
Revenues at Textron Systems increased $58 million, reflecting higher deliveries in Unmanned Aerial Systems and Weapons and Sensors, partially offset by lower vehicle deliveries at Land and Marine. Segment profit in the quarter was $36 million, up $44 million when compared to last year’s fourth quarter.
Industrial
Industrial revenues decreased $2 million from the fourth quarter of 2011. Segment profit decreased $6 million reflecting cost inflation in excess of related price increases.
Finance
Finance segment revenues increased $23 million compared to the fourth quarter of 2011. The segment reported a profit of $2 million compared to last year’s $232 million fourth-quarter loss, which reflected a mark-to-market charge.
For the full year, sales for Textron were $12.2 billion, an increase of 8.5 percent compared to the same period a year ago. Profit jumped up 143.4 percent from 2011.
