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TEXTRON REPORTS THIRD QUARTER 2018 RESULTS
Thursday, October 18, 2018
Click image for a larger picture

Cessna Citation Latitude

Source: Textron Aviation


Cessna Citation Latitude

Source: Textron Aviation


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NEWTOWN, Conn. -- Textron reported third quarter 2018 revenues of $3.19 billion, down 8 percent from $3.47 billion in the third quarter of 2017. Net income for the quarter was $563 million compared to $159 million a year ago.

"Revenues were lower in the quarter, largely reflecting declines at Industrial and Textron Systems," said Textron Chairman and CEO Scott C. Donnelly. "Operationally, we achieved margin improvements at Aviation and Bell, reflecting strong execution within those segments."

INDUSTRY SEGMENTS

Textron Aviation

Revenues at Textron Aviation of $1.1 billion were down 2% from $1.2 billion in the third quarter of 2017, due to lower volume and mix reflecting lower turboprop volume, partially offset by favorable pricing.

Textron Aviation delivered 41 jets, flat with last year, and 43 commercial turboprops, down from 57 last year.

Segment profit was $99 million in the third quarter, up from $93 million a year ago, due to favorable price and performance, partially offset by the impact of lower volume and mix.

Textron Aviation backlog at the end of the third quarter was $1.8 billion.

Bell

Bell revenues were $770 million, down 5% from $812 million in the third quarter of 2017 primarily on commercial mix, partially offset by higher military revenues.

Bell delivered 43 commercial helicopters in the quarter, up from 39 last year.

Segment profit of $113 million was up $7 million, largely the result of favorable performance on military programs, partially offset by commercial mix.

Bell backlog at the end of the third quarter was $5.7 billion.

Textron Systems

Revenues at Textron Systems were $352 million, down from $458 million last year, reflecting lower TAPV deliveries at Textron Marine & Land Systems and lower volume in the Simulation, Training & Other product line.

Segment profit was down $11 million to $29 million, primarily reflecting the lower net volume.

Textron Systems’ backlog at the end of the third quarter was $1.1 billion.

Industrial

Industrial revenues decreased to $930 million from $1,042 million largely related to the disposition of our Tools & Test product line.

Segment profit was $1 million, down $48 million from the third quarter of 2017, largely due to unfavorable pricing and performance, and the impact from the disposition of our Tools & Test product line.

Finance

Finance segment revenues were $15 million, down $3 million, and profit was $3 million, down $4 million from last year’s third quarter.

Source:  Forecast International Government & Industry Group
Associated URL: https://s1.q4cdn.com/535492436/files/doc_financials/2018/q3/Q318-Earnings-Release.pdf
Source Date: October 18, 2018
Author: R. Pettibone, Gov't & Industry  
Posted: 10/19/2018

 
 
HONEYWELL POSTS THIRD QUARTER 2018 RESULTS
Friday, October 19, 2018
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Honeywell F125 Turbofan Engine

Source: Honeywell


Honeywell F125 Turbofan Engine

Source: Honeywell


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NEWTOWN, Conn. -- For the third quarter of 2018, Honeywell reported that sales rose 6 percent to $10.8 billion from $10.1 billion in the third quarter of 2017. Net income for the period was $2.4 billion compared to $1.4 billion in the prior year quarter.

"Honeywell continued to build on its strong first-half performance, delivering exceptional results across the board. Organic sales were up 7 percent driven by continued double-digit growth in our warehouse automation business; strong growth across the Aerospace business; demand for Solstice low global-warming materials and short-cycle Process Solutions software and services; and continued momentum in Homes and ADI global distribution," said Darius Adamczyk, Chairman and Chief Executive Officer of Honeywell.

"This has been an exciting year for Honeywell. The portfolio changes we announced at this time last year are nearly complete, and we recently announced the acquisition of Transnorm, a leading provider of warehouse automation solutions with a large and growing installed base and an attractive aftermarket. We are well positioned to deliver strong results in 2019 and are committed to delivering outstanding returns for our shareowners over the long term," Adamczyk concluded.

INDUSTRY SEGMENTS

Aerospace

Aerospace sales for the third quarter were up 10 percent to $4.03 billion (3Q17: $3.66 billion) on an organic basis driven by robust demand from business aviation original equipment manufacturers, continued strength in the U.S. and international defense business, growth in the air transport and business aviation aftermarket, and demand for light vehicle gas turbochargers in Transportation Systems (which was spun-off as Garrett Motion Inc. effective October 1). Segment margin expanded 80 basis points to 22.1 percent, primarily driven by higher defense and aftermarket volumes, Commercial Excellence and lower customer incentives. Profit rose to $891 million (3Q17: $780 million)

Home and Building Technologies

Home and Building Technologies sales for the third quarter were up 3 percent to $2.52 billion (3Q17: $2.48 billion) on an organic basis driven by continued strength in the ADI Global Distribution business, demand for commercial fire products and residential thermal solutions, and growth in Building Solutions. Segment margin expanded 10 basis points to 17.1 percent, primarily driven by Commercial Excellence and productivity (including benefits from previously funded and executed restructuring), largely offset by inflation and unfavorable mix. Profit rose to $430 million (3Q17: $421 million)

Performance Materials and Technologies

Performance Materials and Technologies sales for the third quarter were up 4 percent to $2.64 billion (3Q17: $2.57 billion) on an organic basis driven by demand for Solstice® low global warming products in Advanced Materials; short-cycle products, services and software demand in Process Solutions; and growth in engineering sales in UOP. Segment margin contracted, as anticipated, by 70 basis points to 21.2 percent, primarily driven by unfavorable mix in UOP. Profit fell to $560 million (3Q17: $563 million)

Safety and Productivity Solutions

Safety and Productivity Solutions sales for the third quarter were up 12 percent to $1.57 billion (3Q17: $1.41 billion) on an organic basis driven by continued double-digit sales growth in the Intelligrated business, strong demand for new mobility solutions in productivity products, and higher volumes in sensing and industrial safety. Segment margin expanded 150 basis points to 16.6 percent, primarily driven by Commercial Excellence, productivity and higher sales volumes. Profit rose to $262 million (3Q17: $213 million)

Source:  Forecast International Government & Industry Group
Associated URL: http://investor.honeywell.com/file/Index?KeyFile=395405135
Source Date: October 19, 2018
Author: R. Pettibone, Gov't & Industry  
Posted: 10/19/2018

 
 
VECTOR RAISES $70 MILLION IN SERIES B FINANCING ROUND
Friday, October 19, 2018
Click image for a larger picture

A test launch conducted by Vector Space Systems

Source: Vector Space Systems


A test launch conducted by Vector Space Systems

Source: Vector Space Systems


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TUCSON, Ariz. -- Vector Space Systems has secured $70 million in a Series B funding round led by Kodem Growth Partners, in conjunction with Morgan Stanley Alternative Investment Partners. Existing investors Sequoia Capital, Lightspeed Venture Partners and Shasta Ventures also participated in the round.

As part of the Series B financing round, Vector welcomes Philip Friedman, Operating Partner at Kodem Growth Partners, to its board of directors. Vector's current board includes Bill Coughran from Sequoia, James Palmer formerly of Northrop Grumman Corporation, as well as Jim Cantrell, John Garvey and Shaun Coleman from Vector.

Vector is developing two small launch vehicles. The first, called the Vector-R, will be powered by three of the company's new engines, while the larger, called Vector-H, will be powered by six engines. Vector expects the use of propylene fuel will enable its rocket engines to provide higher performance with smaller fuel tanks than would be possible using traditional fuel like RP-1 or methane. In addition, the use of propylene means the company will not need to use turbo-pumps typically used in launch vehicles.

Vector has moved quickly to develop and begin operation of its launch vehicles. The company continues to move quickly. The company received a patent for its rocket engine in September and quickly followed up with the announcement of the Series B financing round. Its first mover advantage gives the company access to patents and enables it to complete development of components before others are able to make similar accomplishments.

Source:  PR Newswire
Associated URL: https://www.prnewswire.com/news-releases/vector-secures-additional-70m-in-series-b-financing-led-by-kodem-growth-partners-300734109.html?tc=eml_cleartime.
Source Date: October 19, 2018
Author: B. Ostrove, Analyst 
Posted: 10/19/2018

 

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