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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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