Textron Inc. announced in their 3rd quarter earnings report that revenues in the quarter were $3.2 billion, down 7.3 percent compared to $3.4 billion in the third quarter of 2014. Textron profits for the quarter was $312 million, up $19 million from the same quarter last year. Textron is looking to NBAA 2015 to reveal new aircraft details, including possible information concerning its new single-engine turboprop.
“We expect NBAA to be a positive catalyst for Textron Aviation as we look to 2016 and beyond,” said Textron Inc. CEO Scott Donnelly in a recent quarterly results discussion conference call.
Textron Aviation revenues were up $79 million, mostly due to higher jet and military volumes. 37 new Citation jets and 29 King Air turboprops were delivered in the quarter, compared to 33 Citations and 30 King Airs in last year’s third quarter.
Despite King Air be a few aircraft lighter of previous quarters, Donnelly noted, “The King Air, I think, is continuing to do fine.”
Textron Aviation had a segment profit of $107 million in the third quarter compared to $62 million a year ago. The company attributes the increase to higher volumes and mix and improved performance; including a lower amortizaation of $9 million related to fair value step-up adjustments.
Textron Aviation backlog at the end of the third quarter was $1.4 billion, approximately flat with the end of the second quarter.