Tue, Jul 22, 2014, 4:54 PM EDT - U.S. Markets closed

Recent

% | $
Click the to save as a favorite.

Textron Inc. Message Board

  • bluecheese4u bluecheese4u Oct 17, 2012 9:34 AM Flag

    Textron Reports Third Quarter Earnings from Continuing Operations of $0.48 per Share, up 6.7% from a Year Ago; Increases Full-year EPS Guidance

    Textron Reports Third Quarter Earnings from Continuing Operations of $0.48 per Share, up 6.7% from a Year Ago; Increases Full-year EPS Guidance

    Download PDF

    PROVIDENCE, R.I.--(BUSINESS WIRE)--Oct. 17, 2012-- Textron Inc. (NYSE: TXT) today reported third quarter 2012 income from continuing operations of $0.48 per share, up 6.7% from $0.45 per share in the third quarter of 2011. Total revenues in the quarter were $3.0 billion, up 6.6% from the third quarter of 2011.

    Manufacturing segment profit was $254 million compared to $260 million in the third quarter of 2011. Manufacturing cash flow before pension contributions was $153 million during the third quarter compared to $339 million during last year’s third quarter. The company contributed $16 million to its pension plans during the third quarter.

    “Third quarter results reflected strength in our helicopter and industrial units, favorable liquidation activity in our finance portfolio and good execution at Cessna in an environment of weak business jet demand, partially offset by lower overall volumes in our Textron Systems segment and charges associated with our new fee-for-service unmanned aerial systems programs,” said Textron Chairman and CEO Scott C. Donnelly.

    Donnelly continued, “Through the first three quarters of the year, we have had strong results at Bell, Industrial and Finance relative to our original EPS outlook. Based on this performance and our outlook for the fourth quarter, we are raising our full-year EPS guidance.”

    Outlook

    Textron raised its 2012 earnings per share from continuing operations guidance from its previous range of $1.80 - $2.00 to a revised range of $1.95 to $2.05. The company also confirmed that cash flow from continuing operations of the manufacturing group before pension contributions is expected to be between $700 and $750 million, with planned pension contributions of about $200 million.

    Third Quarter Segment Results

    Cessna

    Revenues at Cessna increased $7 million as higher used aircraft sales more than offset a decline in new Citation jet deliveries. Cessna delivered 41 new Citations in the third quarter this year, down from 47 units in last year’s third quarter.

    Segment profit of $30 million was down $3 million from a year ago.

    Cessna backlog at the end of the third quarter was $1.3 billion, down $196 million from the second quarter of 2012.

    Bell

    Bell revenues increased $181 million in the third quarter from the same period in the prior year, primarily reflecting commercial deliveries of 46 units in the third quarter of 2012, compared to 26 helicopters in last year’s third quarter. Military deliveries included 11 V-22’s and 5 H-1’s compared to 9 V-22’s and 7 H-1’s in last year’s third quarter.

    Segment profit increased $22 million, primarily reflecting higher volumes.

    Bell backlog at the end of the second quarter was $6.3 billion, down $434 million from the second quarter of 2012.

    Textron Systems

    Revenues at Textron Systems decreased $62 million primarily due to lower volumes. Segment profit decreased $26 million, reflecting charges associated with new fee-for-service unmanned aerial system contracts and lower volumes.

    Textron Systems’ backlog at the end of the third quarter was $2.9 billion, up $263 million from the second quarter of 2012.

    Industrial

    Industrial revenues increased $28 million reflecting higher volumes in our golf and turf and automotive businesses partially offset by unfavorable foreign exchange. Segment profit increased $1 million primarily due to the higher volume, partially offset by inflation that exceeded price increases.

    Finance

    Finance segment revenues increased $32 million compared to the third quarter of 2011. The segment reported a profit of $28 million compared to a $24 million loss in last year’s third quarter.

    Conference Call Information

    Textron will host its conference call today, October 17, 2012 at 8:00 a.m. (Eastern)

    textron

 
TXT
38.89+0.08(+0.21%)4:00 PMEDT

Trending Tickers

i
Trending Tickers features significant U.S. stocks showing the most dramatic increase in user interest in Yahoo Finance in the previous hour over historic norms. The list is limited to those equities which trade at least 100,000 shares on an average day and have a market cap of more than $300 million.