New Business Jets Account For Most Of The Boost

In its first quarter 2016 financial report, Textron reported some decent news from its aviation sector.

According to the report, revenues at Textron Aviation were up $40 million, primarily due to higher jet volume.

Textron Aviation delivered 34 new jets and 26 King Air turboprops in the quarter, compared to 33 jets and 25 King Airs in last year’s first quarter.

Textron Aviation recorded a segment profit of $73 million in the first quarter compared to $67 million a year ago. Textron Aviation backlog at the end of the first quarter was $1.0 billion, down $47 million from the end of the fourth quarter.

On the helicopter side of the house, Bell revenues were up $1 million, as Bell delivered 6 V-22’s in the quarter, flat with last year’s first quarter, 10 H-1’s compared to 4 H-1’s last year and 30 commercial helicopters, compared to 35 units last year.

Segment profit was up $6 million, primarily due to improved performance. Bell backlog at the end of the first quarter was $5.3 billion, up $60 million from the end of the fourth quarter.

Overall, Textron reported first quarter 2016 income from continuing operations of $0.55 per share, up 19.6 percent from $0.46 per share in the first quarter of 2015.

(Source: Textron news release. Image from file)

FMI: www.textron.com