This week, Textron Inc. reported third quarter 2021 income from continuing operations of $0.82 per share. Adjusted income from continuing operations, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $0.85 per share for the third quarter of 2021, compared to $0.53 per share in the third quarter of 2020.
“In the quarter, we saw solid execution, higher manufacturing margin and continued strong cash generation,” said Textron Chairman and CEO Scott C. 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
Revenues at Textron Aviation of $1.2 billion were up $386 million from the third quarter of 2020, largely due to higher Citation jet volume of $290 million, aftermarket volume of $62 million and commercial turboprop volume of $48 million.
Textron Aviation delivered 49 jets, up from 25 last year, and 35 commercial turboprops, up from 21 last year.
Segment profit was $98 million in the third quarter, up $127 million from a year ago, largely due to the higher volume and mix of $96 million and favorable pricing, net of inflation of $22 million.
Textron Aviation backlog at the end of the third quarter was $3.5 billion.
In the quarter, Textron returned $299 million to shareholders through share repurchases. Year to date, share repurchases totaled $586 million.
Outlook
Textron now expects 2021 earnings per share from continuing operations to be in a range of $3.17 to $3.29, or $3.20 to $3.30 on an adjusted basis. Textron also expects cash flow from continuing operations of the manufacturing group before pension contributions to be in a range of $1 billion to $1.1 billion with planned pension contributions of about $50 million.
(Press release: Textron)