Textron Inc. reported its third quarter 2024 financial results on October 24, 2024, with income from continuing operations at $1.18 per share, down from $1.35 per share in Q3 2023. Adjusted income from continuing operations was $1.40 per share, compared to $1.49 per share in the prior year's third quarter.
Total revenues for the quarter increased by 2.5% to $3.427 billion. However, Textron Aviation's revenues were essentially unchanged at $1.3 billion, with segment profit decreasing by $32 million to $128 million, primarily due to a four-week strike that adversely impacted results by approximately $50 million in revenue and $30 million in segment profit.
Bell segment revenues increased by $175 million to $929 million, driven by higher military volume from the FLRAA program and increased commercial helicopter sales. Bell's backlog grew by $2.3 billion from the second quarter to $6.5 billion, largely reflecting the U.S. Army's approval of Milestone B for the FLRAA program.
Textron lowered its full-year 2024 adjusted earnings per share guidance to a range of $5.40 to $5.60, down from its previous outlook of $6.20 to $6.40. Manufacturing cash flow before pension contributions is now expected to be between $650 million and $750 million, reduced from the prior outlook of $900 million to $1.0 billion, reflecting the ongoing impact of the labor disruption.
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