Cessna profits down, Textron recovering
Second quarter results show Textron, the parent company of Cessna Aircraft Co. and Bell Helicopter, is doing well despite continued losses at Cessna. Cessna's revenues decreased $236 million in the second quarter.
Second quarter profits are up $153 million (compared to the 2009 second quarter) at Bell and an identical $153 million at Textron’s Industrial segment. Unmanned aerial systems account for another $57 million increase. (The Industrial segment includes E-Z-Go golf carts, Greenlee wire and cable manufacturing, Jacobsen lawn care equipment, and Kautex automotive systems.)
Cessna’s $236 million decrease primarily reflects lower new-aircraft deliveries of 43 jets compared with 84 jets in the corresponding period last year. These decreases were partially offset by higher aftermarket and used aircraft sales. The Cessna backlog ended the second quarter at $3.7 billion, down $400 million from the end of the first quarter.
Bell's revenues reflect higher V–22 Osprey and H–1 attack and transport helicopter deliveries, and higher spares and support volume, partially offset by lower commercial aircraft volume. Bell’s backlog increased $200 million from the end of first quarter to $7.1 billion.
July 21, 2010