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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

Stocks in this article: TXT

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 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 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 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) to discuss its results and outlook. The call will be available via webcast at or by direct dial at (800) 230-1059 in the U.S. or (612) 234-9959 outside of the U.S. (request the Textron Earnings Call).

In addition, the call will be recorded and available for playback beginning at 10:30 a.m. (Eastern) on Wednesday October 17, 2012 by dialing (320) 365-3844 internationally; Access Code: 225827.

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