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Textron reports second quarter 2016 income from continuing operations

Textron Inc. Press Release | July 22, 2016

Estimated reading time 1 minute, 34 seconds.

Textron Inc. has reported second quarter 2016 income from continuing operations of $0.66 per share, up 10 percent from $0.60 per share in the second quarter of 2015.

Revenues in the quarter were $3.5 billion, up 8.1 percent from the second quarter of 2015. Textron segment profit in the quarter was $328 million, up $22 million from the second quarter of 2015.

“Revenues were up at Systems, Industrial and Textron Aviation despite a challenging global environment, reflecting our continued investment in new products and acquisitions,” said Textron chairman and CEO Scott C. Donnelly.

Cash Flow

Net cash provided by operating activities of continuing operations of the manufacturing group for the second quarter was $107 million, compared to $183 million in last year’s second quarter.

Manufacturing cash flow before pension contributions, a non- GAAP measure which is defined and reconciled to GAAP in an attachment to this release, reflected a use of cash of $26 million compared to a positive $106 million cash flow during last year’s second quarter.

Second quarter segment results

Bell Helicopter

Bell revenues were down $46 million, as Bell delivered six V-22s in the quarter, flat with last year’s second quarter; nine H-1s compared to six H-1s last year; and 24 commercial helicopters, compared to 39 units last year.

Segment profit was down $20 million, primarily due to the lower volume and mix.

Bell backlog at the end of the second quarter was $4.9 billion, down $376 million from the end of the first quarter.

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