Textron Group
April 19, 2007: With
$3.0 billion of revenue in the first quarter 2007, up 12.6%
from last year, Textron Group (NYSE: TXT) is riding the rising
aerospace and defense market. Besides this growth, the company
managed to keep net income growing by 30% to $1.53 per share.
The company raised its expectations for the full-year 2007 earnings
per share by $0.20, to be between $6.10 and $6.30. Second quarter
earnings are expected to be lower than Q1 (forecasted between
$1.35 and $1.45 per share.).
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Strongest
sectors were aviation and defense, which, despite $25 million
of expenses recorded at its Bell Helicopters subsidiary, related
to the Armed Reconnaissance Helicopter (“ARH”) program
and lower profit rates on the V-22
program. The Backlog at Bell Helicopter was reduced by $200
million to $2.9 billion at the end of the first quarter, compared
to 2006 year's end level. Overall Bell Helicopters revenue was
$156 million, with $22 million profit indicating healthy growth
of both military and commercial operations. The government operations
revenue (primarily Textron systems) increased $129 million,
primarily due to higher sales volume and product mix. Leading
the sales in this division were the armored vehicles (ASV),
production and support for H-1 Cobra helicopter gunships, intelligent
battlefield munitions (IMS), offsetting the lower parts,
service, Sensor Fused Weapon (SFW) and production JDAM
subsystems.
Revenues at Textron's Cessna subsidiary increased $99 million
primarily due to Citation business jet mix and favorable pricing.
Segment profit increased $38 million as a result of higher pricing
and mix, partially offset by inflation and increased development
expenses. Cessna's backlog increased to $9.0 billion at the
end of the first quarter from $8.5 billion at the end of last
year.
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