Textron Cites Loss as Deliveries Slump
Textron, parent company of Cessna Aircraft and Bell Helicopter, reported a third-quarter loss. Revenues were $2.5 billion, down 2.7 percent year-over-year, primarily due to lower business jet deliveries at Cessna, where revenues decreased $290 million in the quarter from a year ago, reflecting lower new aircraft sales. The Wichita aircraft maker delivered 26 jets, down from the 68 shipped in the same period last year. Segment profit decreased $63 million, while backlog ended the third quarter at $3.4 billion, down $321 million from the end of the second quarter. At Bell, revenues increased $197 million in the third quarter from last year, thanks mostly to military helicopter deliveries and, to a lesser extent, civil helicopter shipments. Segment profit at Bell increased $28 million, but backlog decreased $537 million from the end of the second quarter to $6.5 billion.