Textron predicts $14bn revenue for 2023 and reports $6.4bn backlog
Textron Aviation is forecasting a revenue of $14bn for this year, following a turnover of $1.6bn in the fourth quarter (Q4) of 2022.
The company said its backlog increased by $2.3bn from the end of 2021 and 2022 to total $6.4bn. Within Q4, Textron delivered 52 jets, up from 46 the previous year, and 47 turboprops, up from 43 in Q4 2021.
Profits also increased for the quarter, up $32m from the year before to $169m. The firm said this was due to a favourable impact from pricing, net inflation of $29m and higher volume. Those were partially offset by a $16m loss due to manufacturing and supply chain issues, alongside increased staffing.
Scott C. Donnelly, chairman and CEO, Textron said 2022 was “a strong year at Textron with solid revenue growth, order flow and execution at Aviation”.
He added: “The 2023 outlook reflects higher revenues, increased profit and operating margin expansion with a continuation of our growth strategy of ongoing investments in new products and programmes to drive increases in long-term shareholder value.”
Textron Aviation Q4 results – at a glance