Textron Sees Higher Overall Revenues for Q3

Textron, representing Cessna and Beechcraft models, delivered 39 jets and 38 commercial turboprops for Q3 2023, an overall net improvement over the 39 jets and 33 turboprops in Q3 2022. The segment logged a quarterly profit of $160 million, which the company attributed to favorable pricing and higher volume. The aviation unit ended the quarter with a backlog of $7.4 billion.

On the rotorcraft side, Bell Textron’s revenues for the quarter came in even with Q3 2022 at $754 million, with the company citing “supply chain constraints, partially offset by higher military volume.” Commercial helicopter deliveries dropped from 49 for Q3 2022 to just 23 for Q3 this year. Bell’s backlog at the end of Q3 came in at $5.2 billion.

Textron eAviation, including the recently acquired Pipistel, posted a loss of $19 million for the quarter. The company noted that the expenditure was “primarily related to research and development costs.”

“In the quarter, we saw higher overall revenues and net operating profit driven by growth at [the] Aviation, Industrial and Systems [divisions],” said Textron chairman and CEO Scott Donnelly. “At Aviation, we saw our strongest order quarter of the year with a 12 percent increase over the third quarter of 2022.”

Textron Systems unit’s quarterly revenues rose $17 million to $309 million, while the company’s Industrial unit saw $922 million in Q3 revenues, up $73 million from the same period last year. Textron’s Finance segment reported revenues of $13 million, notching a profit of $22 million for the quarter.