NEWTOWN, Conn. -- For the first quarter of 2019 , Textron reported revenues of $3.09 billion, down six percent from $3.28 billion in the first quarter of 2018. Net income for the quarter was $179 million compared to $189 million a year ago.
"Our results in the quarter were driven by growth and performance at Aviation and continued strong execution at Bell, which resulted in significant margin improvements at those segments," said Textron Chairman and CEO Scott C. Donnelly.
In the quarter, Textron returned $202 million to shareholders through share repurchases.
INDUSTRIAL SEGMENTS
Textron Aviation
Revenues at Textron Aviation of $1.1 billion (1Q18: $1.0 billion) were up 12%, primarily due to higher volume and mix across the jet and commercial turboprop product lines.
Textron Aviation delivered 44 jets, up from 36 last year, and 44 commercial turboprops, up from 29 last year.
Segment profit was $106 million in the first quarter, up from $72 million a year ago, due to the higher volume and favorable performance.
Textron Aviation backlog at the end of the first quarter was $2.0 billion, up $204 million from year-end.
Bell
Bell revenues were $739 million 1Q18: $752 million) , down 2% from last year, primarily on lower commercial volume.
Bell delivered 30 commercial helicopters in the quarter, down from 46 last year.
Segment profit of $104 million was up $17 million, primarily due to favorable performance.
Bell backlog at the end of the first quarter was $6.3 billion, up $459 million from year-end.
Textron Systems
Revenues at Textron Systems were $307 million, down from $387 million last year, reflecting lower TAPV deliveries at Textron Marine & Land Systems and lower Unmanned Systems volume.
Segment profit was down $22 million from last year’s first quarter, reflecting lower volume and lower net favorable program adjustments.
Textron Systems’ backlog at the end of the first quarter was $1.4 billion, down $62 million from year-end.
Industrial
Industrial revenues of $912 million decreased $219 million (1Q18: $1.13 billion), largely related to the impact from the disposition of our Tools & Test product line and lower volume.
Segment profit was down $14 million from the first quarter of 2018, largely due to the impact from the product line disposition and lower volume, partially offset by favorable performance primarily related to the Specialized Vehicles product line.
Finance
Finance segment revenues were up $1 million to $17 million for the quarter, and profit was flat with last year’s first quarter at $6 million.
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