Textron Inc. has reported third quarter 2023 income from continuing operations of $1.35 per share, as compared to $1.06 per share in the third quarter of 2022.
Adjusted income from continuing operations, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $1.49 per share for the third quarter of 2023, compared to $1.15 per share in the third quarter of 2022.
“In the quarter, we saw higher overall revenues and net operating profit driven by growth at Aviation, Industrial and Systems,” said Textron chairman and CEO, Scott C. Donnelly. “At Aviation, we saw our strongest order quarter of the year with a 12 percent increase over the third quarter of 2022.”
Cash flow
Net cash provided by operating activities of the manufacturing group for the third quarter was $270 million, compared to $356 million last year. Manufacturing cash flow before pension contributions, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, totaled $205 million for the third quarter, compared to $292 million last year.
In the quarter, Textron returned $235 million to shareholders through share repurchases. Year to date, Textron has returned $885 million to shareholders through share repurchases.
Outlook
Textron now expects 2023 adjusted earnings per share from continuing operations to be in a range of $5.45 to $5.55, up from our previous outlook of $5.20 to $5.30.
Textron reiterated its expectation for manufacturing cash flow before pension contributions of $0.9 billion to $1.0 billion, with planned pension contributions of about $50 million.
Bell
Bell revenues in the quarter were $754 million, flat with the third quarter of 2022, with lower commercial helicopter volume, largely reflecting supply chain constraints, partially offset by higher military volume.
Bell delivered 23 commercial helicopters in the quarter, down from 49 last year.
Segment profit of $77 million was up $3 million from last year’s third quarter, primarily due to a favorable impact from performance of $23 million, largely reflecting lower research and development costs, partially offset by lower volume and mix of $16 million.
Bell backlog at the end of the third quarter was $5.2 billion.
