Bell profits up, Cessna profits down for 2nd quarter
Textron, the parent company of both Bell Helicopter and Cessna Aircraft, reported overall revenues of $2.6 billion for the second quarter, down from $2.8 billion in the same period last year. The company noted that higher revenues at Bell, as well as at its Fastening Systems and Industrial and Finance segments, were offset by lower revenues at Cessna. Cessna revenues and profits decreased $282 million and $55 million respectively. Textron blamed lower sales volume of Citation business jets for the slump, despite higher pricing and higher sales of used aircraft. A backlog of $4.2 billion was down from the first quarter by $150 million. The Bell segment, “reorganized to streamline its management structure,” now includes Textron Systems and Lycoming. Textron reported Bell segment revenues and profits increased $23 million and $11 million, respectively. The company credited Bell Helicopter for higher foreign military sales and higher commercial aircraft sales, in part the result of pricing and program related adjustments made last year.