Textron Aviation revenue rises 10% to $1.1bn
Textron Aviation’s revenue rose by 10.5% to $1.1bn in the first quarter (Q1) of the year, up from $1bn in Q1 2022, according to its parent company’s financial results.
The OEM, which makes Beechcraft and Cessna aircraft, said the increase was due to higher pricing of $58m and higher volume of $51m, which included higher defense and aftermarket volume. Profit also increased in the same period from $100m to $125m, largely due to favourable pricing, inflation and higher volume.
Jet deliveries in the quarter were down from Q1 2022, to 35 jets delivered from 39 last year, while turboprop deliveries increased from 31 to 34.
At the end of Q1 2023, Textron Aviation’s backlog reached $6.5bn. Earlier this week, the firm announced the delivery of its 400th Cessna Citation CJ4 Gen2 aircraft.
Textron Aviation Q1 financial results – at a glance
- Revenue up to $1.1bn
- 35 jets delivered, down from 39
- Profit up to $125m
- Backlog of $6.5bn