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Textron Reports Disappointing Numbers From 2Q/20

Textron Aviation Revenues Of $747 Million, Were Down $376 Million

With various companies reporting results from their second quarter, this year's batch has given few corporate boards much to be happy about.

Textron Aviation is no exception. Revenues at Textron Aviation of $747 million were down $376 million from the second quarter of 2019, primarily due to lower Citation jet volume of $178 million, reflecting a decline in demand related to the pandemic and to a lesser extent, delays in the acceptance of aircraft related to COVID-19 travel restrictions, and lower aftermarket volume of $120 million, reflecting lower aircraft utilization.

Textron Aviation delivered 23 jets, down from 46 last year, and 15 commercial turboprops, down from 34 last year. Segment loss was $66 million in the second quarter, down from $105 million of profit last year, primarily due to the lower volume and mix and an unfavorable impact of $27 million from performance. Performance includes $53 million of idle facility costs recognized in the second quarter of 2020. Still; Textron Aviation backlog at the end of the second quarter was $1.4 billion.

On the Bell Helicopter side of things, Bell revenues were $822 million, up $51 million or 7% from last year, primarily on higher military volume, partially offset by lower commercial volume. Bell delivered only 27 commercial helicopters in the quarter, down from 53 last year. Segment profit of $118 million was up $15 million, largely on higher military volume, partially offset by an unfavorable impact from performance.

Bell backlog at the end of the second quarter was $5.8 billion.

FMI: www.textron.com

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