Summary
- Textron posted a Q1 net income of $1.03 per share, beating last year’s numbers with $1.20 EPS.
- However, earnings per share did not meet market expectations at $1.28, a 6.3% difference.
- Textron Aviation, including Cessna and Beechcraft, saw a major improvement with $1.2B revenue and $143M profit.
On Thursday, April 25, Textron, the parent company of Textron Aviation, which owns famous aviation brands Cessna, Beechcraft, and Hawker, posted its financial results for the first quarter of 2024. Overall, the Providence, Rhode Island-based company recorded a net income of $1.03 per share. This averaged out to adjusted earnings of $1.20 per share. This was an improvement from the first quarter of 2023, in which Textron recorded a net income of $0.92 per share and adjusted earnings of $1.05 per share.
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However, the company still did not meet first-quarter expectations, which were set at $1.28. This was a 6.3% difference in adjusted earnings per share compared to the expected adjusted earnings per share. Other major company results include a total revenue of $3.14 billion, a net income of $201 million, and a profit margin of 6.4%. These were all improvements from the first quarter of last year.
Textron Aviation results
One of Textron’s largest business segments, Textron Aviation, recorded significant improvements year-over-year. Textron Aviation is known for its ownership of several major aviation brands. This includes Cessna, which was acquired in 1992; Beechcraft, which was acquired in 2014; and Hawker, which had previously merged with Beechcraft in the 1990s.
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Overall, Textron Aviation recorded a first-quarter revenue of $1.2 billion. This was a 3.4% improvement from last year’s first quarter, as $39 million more was recorded in 2024. Textron Aviation believes this increase was mostly due to pricing adjustments that the company made for several aircraft. The company recorded an operating profit of $143 million, which was up from $125 million in the first quarter of last year.
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In the first quarter of this year, Textron Aviation delivered 36 business jets of its Cessna Citation line. This was one more than last year’s 35 private jets delivered. The company also delivered 20 commercial turboprop aircraft, which included the Cessna Caravan and the Beechcraft King Air. This was 14 less than last year’s first quarter. The company recorded an order backlog that totaled over $7.3 billion.
Other Textron business segments
Textron owes several other aviation brands that do not fall under the Textron Aviation umbrella. The company also operates Bell Helicopter, which produces both commercial and military helicopters. This business segment recorded a revenue of $727 million. This was a $106 million increase from last year’s first quarter. This was mostly due to an increase in military deliveries, which drove a volume of $95 million.
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Bell Helicopter also delivered 18 commercial helicopters to customers across the world, although this was down from the 22 that were delivered in the first quarter of last year. This led to a segment profit of $80 million, a $20 million increase from last year. Bell Helicopter is currently operating with an order backlog of $4.5 billion.
Textron also operates Textron eAviation, which was formed in 2022 after the acquisition of the Slovenian manufacturer, Pipistrel. This segment designs and develops electric aircraft. Textron eAviation’s segment revenues were $7 million, although this led to a segment loss of $18 million. In 2023, the company recorded a loss of just $9 million in the first quarter. This further loss was mostly due to an uptick in research and development projects.
