Textron beats profit outlook but revenue slumps timidly

<p>Textron Inc. on Thursday posted weaker third-quarter profit and weaker year-over-year revenues as jet and turboprop deliveries declined during the coronavirus pandemic.

The Rhode Island-based aerospace company, maker of Cessna planes and Bell helicopters, reported net income of $ 115 million, or 50 cents per share, compared to profit of $ 220 million, or 95 cents per share , during the same quarter. period a year earlier.

On an adjusted basis, the company’s profit was 53 cents per share. Analysts polled by FactSet had expected adjusted earnings of 36 cents per share.

Revenue was $ 2.74 billion, up from $ 3.26 billion in the third quarter of last year. Analysts expected revenues of $ 2.8 billion.

Sales of the company’s Textron Aviation division fell to $ 795 million from $ 1.2 billion the year before, as the company delivered fewer planes during the pandemic. Newly delivered jets fell to 25, from 45, and commercial turboprop engines fell to 21, from 39.

Bell helicopter revenue was roughly stable year over year at $ 793 million. Textron delivered 41 commercial helicopters in the quarter, up from 42 in the same three-month period last year.

The company’s aviation backlog was $ 1.8 billion at the end of the quarter, while Bell’s helicopters were $ 5.7 billion.

Write to Matt Grossman at matt.grossman@wsj.com