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.”
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
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.