Q2 2024 Textron Inc Earnings Call Transcript
Key Points
- Textron Inc (TXT) reported revenues of $3.5 billion for the quarter, up from $3.4 billion in the same quarter last year.
- Adjusted income from continuing operations increased to $1.54 per share from $1.46 per share in the previous year's second quarter.
- Manufacturing cash flow before pension contributions rose to $320 million, compared to $242 million in the second quarter of 2023.
- Aviation segment revenues increased to $1.5 billion, with a profit of $195 million, up $24 million from the second quarter of 2023.
- Backlog in the Aviation segment ended the quarter at $7.5 billion, up $118 million from the first quarter of this year.
- Textron Inc (TXT) experienced lower revenues and operating profit in the Industrial segment due to softer demand in consumer and automotive end markets.
- Bell's commercial helicopter deliveries decreased to 32 from 35 in the same quarter last year.
- Textron Systems' segment profit decreased by $2 million from the previous year, despite higher revenues.
- The eAviation segment reported a loss of $18 million in the second quarter of 2024, compared to a loss of $12 million in the same quarter of 2023.
- Supply chain issues continue to impact performance, causing inefficiencies and delays in both the Aviation and Bell segments.
Ladies and gentlemen, thank you for standing by. Welcome to the Textron second quarter 2024 earnings release conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Vice President, Investor Relations, Mr. Dave Rosenberg. Please go ahead.
Thanks Greg 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 $3.5 billion, up from $3.4 billion in last year's second quarter. During this year's second quarter, adjusted income from continuing
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