Cessna, Bell Weaken Textron 1Q Revenues

AINalerts » April 22, 2010
April 22, 2010, 11:33 AM

In an earnings conference call this morning, Textron released its first-quarter results and reported revenues of $2.2 billion, down 12.5 percent from the first quarter of last year, blamed largely on the lower deliveries of aircraft and the downsizing of the company’s non-captive finance business. Its Cessna subsidiary saw a revenue drop of $336 million, based on the decrease in Citation deliveries, which at 31 in the first quarter of the year were less than half the number delivered in the first three months of last year. The airframer’s backlog at the end of the quarter was worth $4.1 billion, a decrease of $820 million since the end of last year. Bell Helicopter also reported a decrease in revenues of $124 million in the first quarter due to lower sales volume. The company’s backlog stands at $6.9 billion, down slightly from the end of last year. “As evidenced by our industrial segment revenues, which were up 32 percent from a year ago, world economies generally appear to be recovering,” said Textron president and CEO Scott Donnelly. “We believe the economic trend will translate to an eventual rebound in orders for business jets and commercial helicopters, as well.” 

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