PROVIDENCE, R.I. - For the first quarter 2017 Textron reported that revenues were $3.1 billion, down 3.4 percent from $3.2 billion in the first quarter of 2016. Net income for the quarter was $101 million compared to $150 million in the year ago period.
Source: U.S. Navy
Source: U.S. Navy
"Overall, revenues and profit were down in the quarter consistent with our expectations," said Textron Chairman and CEO Scott C. Donnelly. "We are continuing to execute our restructuring plan while maintaining our focus on new product investment and the integration of acquired businesses, all of which will have a positive impact on our long term growth outlook."
Revenues at Textron Aviation were down to $970 million (1Q16: $1.1 billion), primarily due to lower military and commercial turboprop volumes.
Textron Aviation delivered 35 new Citation jets, up from 34 jets last year, 12 King Air turboprops compared to 26 in last year’s first quarter, and 2 Beechcraft T-6 trainers, down from 9 last year.
Textron Aviation recorded a segment profit of $36 million in the first quarter compared to $73 million a year ago, primarily due to lower volume and mix.
Textron Aviation backlog at the end of the first quarter was $1.0 billion, approximately flat from the end of the fourth quarter.
Bell revenues fell to $697 million (1Q16: $814 million), as Bell delivered 27 commercial helicopters compared to 30 units last year, 6 V-22’s in the quarter, flat with last year’s first quarter and 3 H-1’s compared to 10 H-1’s last year.
Segment profit was $83 million (1Q16: $82 million) despite the decline in revenues, primarily due to improved performance.
Bell backlog at the end of the first quarter was $5.7 billion, up $292 million from the end of the fourth quarter.
Revenues at Textron Systems increased to $416 million (1Q16: $324 million), primarily due to higher volume at Weapons and Sensors and Marine and Land Systems.
Segment profit fell to $20 million (1Q16: $29 million), due to unfavorable performance at Marine and Land Systems.
Textron Systems’ backlog at the end of the first quarter was $1.7 billion, down $113 million from the end of the fourth quarter.
Industrial revenues rose to $992 million (1Q16: $952 million) due to the impact of acquisitions and higher volumes at Kautex.
Segment profit was down to $76 million (1Q16: $91 million), primarily due to unfavorable performance which includes the operating results of Arctic Cat (which was acquired in March 2017).