At Textron, Aviation Segment Rises, but Bell Slips
First-quarter revenues at Textron Aviation, which includes Cessna and Beechcraft, were up $77 million, to $785 million, thanks to the mid-March acquisition of Beechcraft, higher jet deliveries and higher aftermarket sales but offset by fewer pre-owned sales and falling revenue at CitationAir. The division recorded a profit of $14 million in the quarter versus a loss of $8 million a year ago, helped by firmer pricing and higher jet volumes.
Textron Aviation delivered 35 Cessna Citations during the quarter, up from 32 jets in the same period last year, and eight King Airs during the last two weeks of March when Beechcraft was officially under the Textron wing. (A total of 22 King Airs were delivered in the first quarter, compared with 34 a year ago.)
Backlog at Textron Aviation as of March 29 was $1.5 billion, up from $1 billion at the end of last year, attributable to the addition of Beechcraft’s $534 million backlog.
Meanwhile, fewer shipments by Bell Helicopter dragged down that Textron division’s first-quarter revenue by $76 million, to $873 million. On the civil side, Bell delivered 34 helicopters, down from 40 last year. Profit at Bell fell $33 million, to $96 million, the result of an “unfavorable mix of commercial aircraft deliveries and the lower volumes.” Bell’s backlog at the end of the first quarter was $6.3 billion, down $197 million from the end of last year.