Textron Aviation posted positive 2023 Q2 earnings in Textron Inc's latest financial results. Revenues were $1.4 billion for the segment, up $78 million from last year's second quarter.
The company was able to deliver 44 jets (down from 48, same quarter of last year) and 37 commercial turboprops, an increase from 35 during last year's Q2.
Despite continued issues with unfavorable manufacturing performance, (caused by continuing supply chain and labor inefficiencies), segment profit was $171 million. This is up $22 million from a year ago, with the main positive contributors being favorable pricing, net of inflation, of $52 million (offset by aforementioned unfavorable performance issues of $23 million).
Textron Aviation ended the quarter with a backlog of $6.8 billion.
King Air 360 at EAA AirVenture Oshkosh 2023 (Image courtesy of Beechcraft)
Textron Inc. Overall Finances for Q2
Textron Inc. gave a breakdown of per share income of the overall company in their Q2 financial press release:
"(Textron Inc.) reported second quarter 2023 income from continuing operations of $1.30 per share, as compared to $1.00 per share in the second quarter of 2022. Adjusted income from continuing operations, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $1.46 per share for the second quarter of 2023, compared to $1.11 per share in the second quarter of 2022."
“During the second quarter, revenue grew 8.6% year over year with higher revenues in all our segments,” said Textron Chairman and CEO, Scott C. Donnelly. "Operationally, execution was strong across our segments with a segment profit margin of 10.3% in the second quarter of 2023, up 140 basis points from last year's second quarter."
On July 24, 2023, Textron's Board of Directors approved new authorization to repurchase up to 35 million shares of stock. The company plans that this will help "offset the impact of dilution from stock-based compensation and benefit plans and for opportunistic capital management purposes."
It returned $273 million to shareholders through share repurchases for the quarter. Year to date, Textron's returned $650 million to shareholders through share repurchases.
Author: Scott Cooper, Communications Specialist
Info/Original Banner Photo: Textron Inc., Textron Aviation