Textron Reports Cessna Revenues Down, Bell’s Up
Textron’s second-quarter report, released yesterday, shows that revenues at its Cessna Aircraft subsidiary decreased $236 million from the same period a year ago, with segment profit down $45 million. The parent company attributed the drop in part to fewer new aircraft deliveries in the quarter; only 43 Citations were handed over to customers during this three-month period, compared with 84 during the same time last year. Further eroding Cessna’s profit margins, of these business jet deliveries almost half–20 to be exact–were Citation Mustang very light jets. But it was a different picture at Textron’s Bell Helicopter division. Revenues at Bell increased $153 million in the second quarter, with segment profit up $35 million, thanks in part to military aircraft deliveries of the V-22 and H-1. On the commercial side, Bell delivered 21 civil helicopters in the second quarter, up from 15 in the first quarter. Bell expects to deliver 75 civil helicopters through the second half of this year and all of next year.