Q3 2024 Textron Inc Earnings Call Transcript
Key Points
- Textron Inc (TXT) reported an increase in revenues to $3.4 billion for the third quarter, up from $3.3 billion in the same period last year.
- Aviation segment saw strong demand with over $1 billion in new orders and a backlog increase of $162 million, ending the quarter at $7.6 billion.
- Bell segment revenues increased by $175 million to $929 million, with a significant backlog growth of $2.3 billion due to the FLRAA program.
- Textron Aviation delivered the 400th Cessna Citation Latitude, maintaining its position as the best-selling aircraft in the midsize jet segment.
- Textron repurchased approximately 2.4 million shares, returning $215 million in cash to shareholders during the quarter.
- Aviation segment was impacted by a labor strike, resulting in a $50 million revenue reduction and a $30 million decrease in segment profit.
- Manufacturing cash flow before pension contributions decreased to $147 million from $205 million in the third quarter of 2023.
- Textron Systems experienced a slight decline in revenues and profits compared to the previous year.
- Industrial segment faced lower revenues and operating profit due to continued softness in Specialized Vehicles end markets.
- Textron adjusted its full-year outlook, lowering expected adjusted earnings per share from $6.20-$6.40 to $5.40-$5.60 due to the strike's impact.
Thank you for standing by. Welcome to the Textron third-quarter 2024 earnings call. (Operator Instructions)
I would now like to turn the conference over to David Rosenberg, Vice President, Investor Relations. Please go ahead.
Thanks, Kaylee, and good morning, everyone.
Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release.
On the call today, we have Scott Donnelly, Textron's Chairman and CEO; and Frank Connor, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website.
Revenues in the quarter were $3.4 billion, up from $3.3 billion in last year's third quarter. During this year's third quarter, adjusted income from continuing operations was $1.40 per share, compared to $1.49 per share in last
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