PROVIDENCE, R.I. – Textron Inc . (NYSE: NYSE:) at present reported a modest enhance in second-quarter 2024 adjusted earnings per share (EPS) to $1.54, up from $1.46 in the identical quarter final yr, exceeding analyst expectations by $0.06. The corporate’s income matched analyst forecasts, coming in at $3.53 billion.
Textron’s Chairman and CEO Scott C. Donnelly attributed the sturdy quarter to greater income, earnings per share, and money circulation, highlighting the execution of key packages at Aviation and Bell, such because the Quotation Ascend and FLRAA. The corporate’s web money from working actions rose to $383 million, up from $314 million within the prior yr’s quarter, whereas $358 million was returned to shareholders by way of share repurchases.
Textron Aviation noticed a income enhance of $113 million to $1.5 billion, pushed by greater pricing and a positive quantity and blend. Regardless of delivering fewer jets in comparison with the second quarter of 2023, the phase’s revenue elevated by $24 million, reflecting the optimistic affect of pricing and quantity, which offset performance-related challenges.
Bell’s income additionally skilled an uptick, largely as a result of greater army quantity associated to the FLRAA program. Section revenue grew by $17 million, primarily as a result of decrease analysis and growth prices.
On the steering entrance, Textron anticipates full-year 2024 EPS to be between $6.20 and $6.40, with the midpoint of this vary barely under the analyst consensus of $6.31.
The corporate’s backlog stays strong, with Textron Aviation at $7.5 billion and Bell at $4.2 billion by the top of the quarter. Nonetheless, the Industrial phase confronted a decline in revenues, primarily as a result of decrease quantity and blend.
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