Aircraft Segments Boost Revenues, Profits at Textron
Second-quarter revenues at Textron Aviation, which includes Cessna and Beechcraft, climbed $623 million year-over-year, to $1.18 billion, reflecting the Beechcraft acquisition in late March and higher jet deliveries. Textron Aviation delivered 70 turbine business aircraft during the quarter–36 Cessna Citations and 34 Beechcraft Kings Airs, up from 20 jets and 14 King Air turboprops in the same period last year.
Textron Aviation recorded a profit of $28 million in the quarter versus a loss of $50 million a year ago. Meanwhile, Textron Aviation’s backlog at the end of the quarter stood at $1.4 billion, down $100 million from March 30. Textron chairman and CEO Scott Donnelly characterized the business jet market as “stable” and said that much of the growth is attributable to new products–the recently certified Citation M2, Sovereign+ and X+, as well as the in-development Citation Latitude.
Meanwhile, sister company Bell Helicopter reported that second-quarter revenues rose by $94 million, to $1.12 billion, thanks to more deliveries and a $41 million settlement with the U.S. Department of Defense. Profits were up by $6 million, to $141 million. Bell delivered 46 civil helicopters in the quarter, compared with 44 in the same span last year. Its backlog at the end of the second quarter was $5.8 billion, down $422 million from March 30.