Textron reports profits, growth in 4Q, fiscal year

By PBN Staff
Twitter: @ProvBusNews

PROVIDENCE – Textron Inc. – parent of Bell Helicopter, Cessna Aircraft Company and Textron Systems – posted net income of $148 million, or 51 cents per diluted share, in the fourth quarter of 2012, reversing the $19 million, or 7 cents per share, loss for the same 2011 period.

The diversified manufacturer made the profit on a 3.3 percent increase in revenue to $3.36 billion during three months ended Dec. 29.

Reporting after the close of market Tuesday, Textron said that fourth-quarter profits for the company’s manufacturing segment totaled $279 million, a 4.1 percent increase from the three months ended Dec. 31, 2011.

“Growth in the fourth quarter was the result of strong military and commercial demand at Bell and increased deliveries at Textron Systems, E-Z-GO and Jacobsen, partially offset by weakness in our automotive and business jet markets,” Textron Chairman and CEO Scott C. Donnelly said in prepared remarks.

The fourth-quarter’s strong performance helped the company claim a 143.4 percent gain in net income for the year to $589 million, or $2 per diluted share, on a revenue increase of 8.5 percent to $12.2 billion.

“In 2013, we anticipate growth in revenue at Cessna on a modest increase in jet deliveries, a higher revenue mix of business jets and growth in aftermarket, modest growth at Bell, led by an increase in commercial helicopter sales, growth at Systems and revenue up slightly at industrial,” said Donnelly.