[Avionics Today 10-27-2015] Textron reported revenues in the third quarter of 2015 were $3.2 billion, down 7.3 percent compared to $3.4 billion in the third quarter of 2014.
|Textron’s Cessna Citation Longitude. Photo: Textron Aviation
“Revenues were down in the quarter, primarily driven by lower deliveries of V-22s at Bell, but we had solid revenue growth at Textron Aviation, Textron Systems and Industrial, reflecting our investments in new products and sales capabilities,” said Textron Chairman and CEO Scott C. Donnelly.
Revenues at Textron Aviation were up $79 million, primarily reflecting higher jet and military volumes. The segment delivered 37 new Citation jets and 29 King Air turboprops in the quarter, compared to 33 Citations and 30 King Airs in last year’s third quarter.
Textron Aviation recorded a segment profit of $107 million in the third quarter compared to $62 million a year ago. The increase is primarily due to the higher volumes and mix and improved performance, which included lower amortization 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.