Textron Reports Improved Q2 Results, Revenue in Line with Expectations; Strong Order Backlog Author: Investing.com

PROVIDENCE, RI – Textron Inc. . (NYSE: NYSE:) today reported a slight increase in second-quarter 2024 adjusted earnings per share (EPS) to $1.54, from $1.46 in the year-ago quarter, beating analysts’ expectations by $0.06. The company’s revenue was in line with analysts’ forecasts at $3.53 billion.

Textron Chairman and CEO Scott C. Donnelly attributed the strong quarter to higher revenue, earnings per share and cash flow, highlighting the execution of key programs in Aviation and Bell, such as Citation Ascend and FLRAA. The company’s clean cash from operations increased to $383 million, compared with $314 million in the prior-year quarter, while $358 million was returned to shareholders through share repurchases.

Textron Aviation reported revenue growth of $113 million to $1.5 billion, driven by higher pricing and favorable volume and mix. Despite fewer jets delivered compared to the second quarter of 2023, segment profit increased $24 million, reflecting positive pricing and volume impacts offsetting performance challenges.

Bell revenues also rose, primarily due to increased military operations related to the FLRAA program. Segment profit increased $17 million, primarily due to lower research and development costs.

Textron forecasts full-year 2024 earnings per share in the range of $6.20 to $6.40, with the midpoint of that range slightly below analysts’ consensus of $6.31.

The company’s order backlog remains strong, with Textron Aviation at $7.5 billion and Bell at $4.2 billion at quarter-end. However, the industrial segment saw revenue decline, primarily due to lower volume and mix.

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