Cessna, Bell Dampen Textron’s financials

 - April 30, 2010, 4:47 AM

Textron reported first-quarter revenues of $2.2 billion, down 12.5 percent from the year-ago period, blamed largely on lower deliveries at subsidiary Cessna and the downsizing of Textron Financial. Cessna saw a revenue drop of $336 million in the quarter due to a decrease in Citation deliveries, which at 31 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. Subsidiary 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. Textron president and CEO Scott Donnelly believes “the economic trend will translate to an eventual rebound in orders for business jets and commercial helicopters.”