Textron Aviation 2020 Q2 Earnings Report: Revenues and Deliveries Fall Due to COVID-19Posted by KingAirNation — Friday, July 31, 2020
Unsurprisingly, due to the ongoing pandemic, revenues and deliveries were down for Textron Aviation in Q2. Revenues dropped for the segment 33.5% to $747 million from $1,123 million in the year-ago quarter.
Most of the drop was due to lower Citation jet volume, which was caused by aircraft acceptance delays due to COVID-19 travel restrictions, lower aftermarket volume, and lower aircraft use in general.
Total jets delievered was 23, (down from 46 last year Q2) and 15 commercial turboprops (down from 34 last year Q2).
Losses were actually reduced though; at $66 million for the quarter down from a loss of $105 million in the year ago quarter, due to lower volume and mix.
Order backlog for the end of the quarter was $1.4 billion.