Textron Inc. today reported earlier this week fourth quarter 2015 income from continuing operations of $0.81 per share, up 6.6 percent from $0.76 per share in the fourth quarter of 2014.
Revenues in the quarter were $3.9 billion, down 4.2 percent compared to $4.1 billion in the fourth quarter of 2014. Textron segment profit in the quarter was $378 million, down $20 million from the fourth quarter of 2014. Fourth quarter manufacturing cash flow before pension contributions was $534 million compared to $449 million during last year’s fourth quarter.
“We had good execution in the quarter with margin improvements at Aviation, Systems and Industrial and solid double digit margins at Bell,” said Textron Chairman and CEO Scott C. Donnelly. “While overall revenues were down in the quarter, we were encouraged by continued strong demand at Industrial, the ramp-up of our new Latitude business jet and the positive customer reception to our new Longitude and Hemisphere jets announced during November’s National Business Aviation Association Exhibition.”
Revenues at Textron Aviation were down $32 million, mostly due to low King Air and used pre-owned aircraft volumes partially offset by higher jet volume. Textron Aviation delivered 60 new jets and 33 King Air in the quarter, compared to 55 jets and 41 King Airs in last year’s fourth quarter.
Segment profit was higher for the fourth quarter at $138 million (compared to $130 million a year ago). Textron was able to improve performance which lowered amortization of $8 million related to fair value step-up adjustments, partially offset by the impact of lower volumes.
The end of fourth quarter backlog was $1.1 billion for Textron Aviation (down $308 from the end of the third quarter).