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Fri, Apr 21, 2017

Textron Notes Sharp Drop In King Air Deliveries

Information Included In Company's 2017 First Quarter Financial Report

Slow deliveries of King Air airplanes has pushed Textron revenues and profits lower in the first quarter of 2017, according to the company.

Revenues at Textron Aviation were down $121 million, primarily due to lower military and commercial turboprop volumes, according to a company news release.

Textron Aviation delivered 35 new Citation jets, up from 34 jets last year, 12 King Air turboprops compared to 26 in last year’s first quarter, and 2 Beechcraft T-6 trainers, down from 9 last year.

Textron Aviation recorded a segment profit of $36 million in the first quarter compared to $73 million a year ago, primarily due to lower volume and mix.

The Textron Aviation backlog at the end of the first quarter was $1.0 billion, approximately flat from the end of the fourth quarter.

Bell revenues were down $117 million, as Bell delivered 27 commercial helicopters compared to 30 units last year, 6 V-22’s in the quarter, flat with last year’s first quarter and 3 H-1’s compared to 10 H-1’s last year.

Segment profit was up $1 million despite the decline in revenues, primarily due to improved performance.

The Bell backlog at the end of the first quarter was $5.7 billion, up $292 million from the end of the fourth quarter.

The Wichita Eagle reports that, in a conference call with reporters to discuss the first quarter numbers, Textron CEO Scott Donnelly said that a strong dollar and economic conditions abroad contributed to the slump in King Air sales, which is "traditionally international product" with about half of the sales coming from overseas.

Still, Donnelly said he is optimistic about reaching the company's overall 2017 goal for total King Air deliveries. He did not give a specific number, but earlier guidance from Textron projected this year's deliveries to be similar to 106 airplanes delivered in 2016.

(Image from file)

FMI: www.textron.com

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