In their 2nd quarter earnings report, Textron Inc. announced that revenues in the quarter were $3.2 billion, down 7.4 percent compared to $3.5 billion in the second quarter of 2014. Textron profits for the quarter was $306 million, up $2 million from the same quarter last year.
“Revenues were down in the quarter, as expected, but the company remains on track for growth in the second half of the year.” said Textron Chairman and CEO Scott C. Donnelly. “Furthermore, good margin results at Textron Aviation, Bell and Industrial contributed to solid overall financial performance in the quarter, despite the decrease in revenues.”
In the Textron Aviation division, revenues were down 5%: $1.12 billion in second quarter 2015 compared to $1.18 billion in second quarter 2014. The decrease was attributed to flat jet deliveries and fewer turboprops: 36 new Citation jets and 30 King Air turboprops in the quarter, compared to the 36 Citations and 34 King Airs delivered in last year’s second quarter.
However, profits jumped to $88 million, compared with $28 million in the same period in 2014. The company has recorded improved performance, reflected by a $27 million lower fair value step-up adjustment as well as the benefit of integrated cost structure of Beechcraft and Cessna. Also of note, the Textron Aviation backlog saw a huge jump at the end of the second quarter: $1.4 billion, up $145 million from the end of the first quarter.