PROVIDENCE, R.I. - Textron reported third quarter 2017 revenues of $3.5 billion, up 7.2 percent from $3.2 billion in the third quarter of 2016. Net income for the quarter was $159 million for the quarter down from $421 million in the same period a year ago.

"Growth in the third quarter was the result of strong commercial demand at Bell, increased deliveries at Textron Systems and higher revenues at Industrial due to the acquisition of Arctic Cat," said Textron Chairman and CEO Scott C. Donnelly.

INDUSTRY SEGMENTS

Textron Aviation

Revenues at Textron Aviation were down to $1.15 billion million (3Q16: $1.2 billion), as Textron Aviation delivered 41 new Citation jets, flat with last year, 24 King Air turboprops compared to 29 in last year’s third quarter, and 5 Beechcraft T-6 trainers, down from 8 last year.

Textron Aviation recorded a segment profit of $93 million in the third quarter compared to $100 million a year ago, due to unfavorable performance and lower volume and mix, partially offset by a favorable impact from pricing.

Textron Aviation backlog at the end of the third quarter was $1.2 billion, up $142 million from the end of the second quarter.

Bell

Bell revenues were $812 million (3Q16: $734 million), as Bell delivered 39 commercial helicopters, up from 25 units last year, 8 H-1’s, flat with last year, and 5 V-22’s, down from 6 in last year’s third quarter.

Segment profit was up $9 million primarily due to a favorable impact from performance and other.

Bell backlog at the end of the third quarter was $5.0 billion, down $413 million from the end of the second quarter.

Textron Systems

Revenues at Textron Systems were $458 million (3Q16: $413 million), primarily due to higher volume in the Marine and Land Systems product line, partially offset by lower volume in the Weapons and Sensors product line.

Segment profit was $40 million down $4 million for a year ago.

Textron Systems’ backlog at the end of the third quarter was $1.5 billion, down $85 million from the end of the second quarter.

Industrial

Industrial revenues increased to $458 million (3Q16: $413 million) largely due to the impact of the Arctic Cat acquisition.

Segment profit was down to $49 million (3Q16: $66 million) due to unfavorable volume and mix, pricing and inflation.

Finance

Finance segment revenues decreased to$10 million, down $2 million and segment profit increased $4 million to $7 million.

Source: Forecast International Government & Industry Group
Associated URL: www.textron.com
Author: R. Pettibone, Gov't & Industry