Revenue at Textron Aviation of $1.1 billion dropped 2 percent from last year due to a lower turboprop volume. However, Textron Aviation noted the drop was offset partially due to favorable pricing.
The jet division ended flat for the quarter delivering 41 jets. The turboprop division (which includes turboprops such as Cessna Caravan and Beechcraft King Air) was down from last year, 57 compared to 43. Textron Aviation didn’t breakdown the turboprop numbers from there so exact King Air sell numbers aren’t known.
Despite the lower deliveries, profits were up to $99 million (compared to $93 million last year). As mentioned, pricing placed a role to secure profits with the consistent jet deliveries being higher-margin for profitability.
The backlog for Textron Aviation now consists of $1.8 billion.
Revenue company wide was $3.2 billion, a drop from $3.5 billion year after year.
A bright spot is a net income increase from $159 million to $563 million due to the selling of Textron’s tool and test product line to Emerson.
Outside that, Textron’s adjusted earnings per share were $0.61, down from $0.65 year over year. This fell below analyst expectations of $0.76 for the quarter.