PROVIDENCE, R.I. - Textron reported third quarter 2014 revenues of $3.4 billion, up 18 percnet from $2.9 billion in the third quarter of 2013. Beechcraft, which was acquired in March, 2014, contributed $398 million to the increase. Textron's net income in the quarter was $159 million, compared to $99 million in the third quarter of 2013.
"Revenues at Textron Aviation, Industrial and Bell were up during the quarter, primarily reflecting the success of our new product investment and acquisition strategies," said Textron Chairman and CEO Scott C. Donnelly. Donnelly continued, "Operationally, we achieved significant margin improvement in the quarter at Textron Aviation, reflecting higher volumes and better performance. Bell also had improved performance, leading to an increase in quarterly margins compared to last year."
INDUSTRY SEGMENTS
Textron Aviation
Revenues at Textron Aviation were up $1,080 million (2013: $593 million), reflecting the impact of the Beechcraft acquisition and higher jet deliveries. Textron Aviation delivered 33 new jets in the quarter, up from 25 jets in last year's third quarter, and 30 King Air turboprops.
Textron Aviation recorded a segment profit of $62 million in the third quarter compared to a loss of $23 million a year ago in our Cessna segment. The improvement reflects the impact of the Beechcraft acquisition, higher volumes and favorable pricing and inflation.
Textron Aviation backlog at the end of the third quarter was $1.4 billion, approximately flat with the end of the second quarter.
Bell
Bell revenues increased $20 million to $1.18 billion (2013: $1.16 billion), primarily the result of higher V-22 program volume, partially offset by lower H-1 and commercial deliveries.
Bell delivered 12 V-22's and 4 H-1's in the quarter, compared to 10 V-22's and 7 H-1's in last year's third quarter and 41 commercial helicopters, compared to 54 units last year.
Segment profit increased $15 million to $146 million (2013: $131 million) primarily due to favorable performance.
Bell backlog at the end of the third quarter was $5.3 billion, down $499 million from the end of the second quarter.
Textron Systems
Revenues at Textron Systems decreased $47 million to $358 million (2013: 405 million), reflecting lower Marine and Land Systems volumes, partially offset by the impact of acquisitions.
Segment profit was down $8 million to $27 million (2013: $35 million), primarily reflecting the lower volumes.
Textron Systems' backlog at the end of the third quarter was $3.1 billion, up $119 million from the end of the second quarter.
Industrial
Industrial revenues increased $74 million to $785 million (2013: $711 million) due to the impact of acquisitions and higher overall volumes. Segment profit increased $1 million to $53 million reflecting the higher volumes offset by an unfavorable mix of revenues in the quarter.
Finance
Finance segment revenues decreased $8 million to $25 million (2013: $33 million) primarily due to gains on finance receivable dispositions during the third quarter of 2013. Segment profit decreased $8 million to $5 million (2013: $13 million) primarily due to the prior year impacts of loan loss reversals and gains on the finance receivables dispositions, partially offset by lower administrative expenses.
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