Textron: Strong demand all-round
Demand has been “strong across the board” said Textron CEO, Scott Donnelly, as the Wichita-based firm published its results for third quarter (Q3) of 2021.
Revenues at Textron Aviation were up $386m from the third quarter of 2020, standing at $1.2bn, due in large part to a higher Citation jet volume of $290m, aftermarket volume of $62m and commercial turboprop volume of $48m.
“In the quarter, we saw solid execution, higher manufacturing margin and continued strong cash generation,” said Donnelly. “At Textron Aviation, we continued to see signs of a strong recovery in the general aviation market with a 49% increase in revenues over last year’s third quarter and a $721 million increase in backlog.”
Textron Aviation delivered 49 jets in Q3 2021, up from 25 last year. The firm also delivered 35 commercial turboprops, up from 21 last year. Aviation profit was up $127 million year-on-year, from $98m in the third quarter. Whilst, backlog at the end of the third quarter was $3.5bn.
As for company as a whole, Textron Inc. reported Q3 2021 income of $0.82 per share. Net cash was $333m, compared to $368m last year. Across 2021, manufacturing cash flow before pension contributions totalled $851m.
In the quarter, Textron returned $299m to shareholders through share repurchases.