TRANSPORTATION

Textron reports 15% rise in 1Q earnings

COURTESY TEXTRON
TEXTRON INC. – parent of Bell Helicopter, Cessna Aircraft Company and Textron Systems - reported a 15.2 percent increase in its first quarter earnings for 2012.
Posted 4/18/12

PROVIDENCE - Textron Inc. – parent of Bell Helicopter, Cessna Aircraft Company and Textron Systems - reported a 15.2 percent increase in its first quarter earnings for 2012 when compared with the same period in 2011.

Total revenues were reported at $2.9 billion, up 15.2 percent from the first quarter of 2011. Income was reported at $0.41 per share, compared to income of $0.10 per share in the first quarter of 2011.

Profits for the company’s manufacturing segment were $247 million, up $80 million from the first quarter of 2011.

First quarter 2012 manufacturing cash flow - before pension contributions - reflected a use of cash of $106 million compared to a use of cash of $55 million during the first quarter of 2011. The company contributed $144 million to its pension plans during the first quarter.

“The demand environment for our commercial aircraft and industrial products continued to improve, which reinforces our confidence in our outlook for the year,” Textron chairman and CEO Scott C. Donnelly said in prepared remarks.

“In addition to solid operational execution during the quarter, we secured a number of key program wins and made important strategic moves that should help provide growth in the long term, most notably our agreement with Aviation Industry Corporation of China to develop the Chinese general aviation market,” he continued.

Revenues at Cessna increased $113 million, reflecting the delivery of 38 new Citation jets in the quarter, compared with 31 in last year’s first quarter, as well as higher aftermarket volumes.

A segment loss of $6 million was an improvement of $32 million, primarily due to the higher volumes. Backlog at the end of the first quarter was $1.7 billion, down $167 million from the end of 2011.

Bell revenues increased $245 million in the first quarter from the same period in the prior year. Bell delivered 10 V-22’s, 7 H-1’s and 30 commercial aircraft in the quarter compared to 9 V-22’s, 4 H-1’s and 15 commercial units in last year’s first quarter.

Profit increased $54 million, reflecting the higher volume and mix of commercial aircraft. Backlog at the end of the first quarter was $7.1 billion, down $213 million from the end of 2011.

Industrial revenues increased $52 million and segment profit increased $12 million reflecting higher volume across all businesses. Finance segment revenues increased $35 million compared to the first quarter of 2011, and reported a profit of $12 million compared to a $44 million loss in the first quarter of 2011.

The company lost ground with Textron Systems, as revenues decreased $68 million and segment profit decreased $18 million, primarily due to lower volumes. A backlog at the end of the first quarter was $1.4 billion, up $103 million from the end of 2011.

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