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Textron’s Q1 Earnings Improve; Finance Segment, Cessna, Bell Revenues Climb

April 18, 2012, 07:15 AM
Filed Under: Corporate Earnings

Textron Inc. reported first quarter 2012 income from continuing operations of $0.41 per share, compared to income of $0.10 per share in the first quarter of 2011. Total revenues in the quarter were $2.9 billion, up 15.2% from the first quarter of 2011.

Finance segment revenues increased $35 million compared to the first quarter of 2011. The Finance segment reported a profit of $12 million compared to a $44 million loss in the first quarter of 2011.

Revenues at Cessna increased $113 million, reflecting the delivery of 38 new Citation jets in the quarter, compared with 31 in last year's first quarter, as well as higher aftermarket volumes. Segment loss of $6 million was an improvement of $32 million, primarily due to the higher volumes. Cessna backlog at the end of the first quarter was $1.7 billion, down $167 million from the end of 2011.

Bell revenues increased $245 million in the first quarter from the same period in the prior year. Bell delivered 10 V-22's, 7 H-1's and 30 commercial aircraft in the quarter compared to 9 V-22's, 4 H-1's and 15 commercial units in last year's first quarter. Segment profit increased $54 million, primarily reflecting the higher volume and mix of commercial aircraft. Bell backlog at the end of the first quarter was $7.1 billion, down $213 million from the end of 2011.

"The demand environment for our commercial aircraft and industrial products continued to improve, which reinforces our confidence in our outlook for the year," said Textron Chairman and CEO Scott C. Donnelly. Donnelly continued, "In addition to solid operational execution during the quarter, we secured a number of key program wins and made important strategic moves that should help provide growth in the long term, most notably our agreement with Aviation Industry Corporation of China to develop the Chinese general aviation market."

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