This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Textron Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: TXT

So despite a difficult DoD environment, over the past several months, we've won several significant new programs that help solidify the long-term outlook and systems.

Moving to our Finance segment. We had another successful quarter of liquidations as we reduced noncap to financial receivables by another $160 million, including a $70 million reduction in our Golf Mortgage portfolio, representing 19 loans. Our noncap to finance receivable portfolio now stands at $619 million.

Shifting to our industrial business, operating performance was solid with revenues up 5%. Volumes in our Industrial businesses reflect strength in the North American and Asian auto markets offsetting European softness.

Moving over to Cessna, we delivered 49 jets in the quarter, up from last year's 38, reflecting modest recovery and our success in the current market. We also had a number of strategic developments over the past several months at Cessna. First, we announced our new long-range super midsize Longitude business jet during the eBay show in Geneva. With a 4,000-nautical mile range and a speed of Mach .86, the Longitude will be designed to make nonstop flight between city pairs like New York and Paris; London to Dubai; or Beijing, Moscow. At a price of just under $26 million, we believe the Longitude will be the best valued 4,000-nautical miles super midsized business jet available in the world. We also continue to make good progress during the quarter with flight testing on our new Citation M2 and Citation Ten.

Finally, our newly announced Latitude was selected by NetJets to become part of their fractional fleet offering, which should add significantly to the long-term demand for this aircraft.

And to wrap up with Bell, on the military side, we delivered 9 V-22s and 6 H-1s versus 9 22s and 8 H-1s in last year's second quarter. We saw a significant increase in our commercial business with 47 units delivered in the second quarter, up to 25 from last year's 22 deliveries. This growth reflects the overall strength in global helicopter markets, as well as the ramp-up in our 429 program and the success of our new 407GX.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs