Textron announced this week the company’s first quarter 2016 income. Per share rate was $0.55, up 19.6 percent from $0.46 per share in the first quarter of 2015.
Revenues in the quarter were $3.2 billion, up 4.2 percent from the first quarter of 2015. Textron segment profit in the quarter was $280 million, up $21 million from the first quarter of 2015. First quarter manufacturing cash flow before pension contributions reflected a use of cash of $222 million compared to a use of cash of $125 million during last year’s first quarter.
“Increased revenues reflected growth at Industrial, Aviation and Systems, with relatively flat revenues at Bell, consistent with our expectations,” said Textron Chairman and CEO Scott C. Donnelly. “Operationally, we achieved margin improvements at each of our manufacturing segments.”
Textron confirmed its 2016 earnings per share from continuing operations guidance of $2.60 to $2.80 and its expectation for cash flow from continuing operations of the manufacturing group before pension contributions of $600 to $700 million with planned pension contributions of about $60 million.
Donnelly continued, “Generally, demand in our end markets has been consistent with what we were expecting. We continue to believe that we will be able to generate solid overall growth in revenue, earnings and cash this year.”
At Textron Aviation, revenues were up $40 million, primarily due to higher jet volume.
Textron Aviation delivered 34 new jets and 26 King Air turboprops in the quarter, compared to 33 jets and 25 King Airs in last year’s first quarter.
Textron Aviation recorded a segment profit of $73 million in the first quarter compared to $67 million a year ago.
Textron Aviation backlog at the end of the first quarter was $1.0 billion, down $47 million from the end of the fourth quarter.