Regina Garcia
Textron reported a net income of $861 million for the full 2022 period, up from the $746 million logged in the prior year.
The defense and industrial conglomerate said Wednesday profit increased to $226 million for the fourth quarter from $207 million in the same period a year ago.
Earnings from continuing operations income were $1.07 per share for the quarter, up from 93 cents per share a year earlier.
Textron’s aviation business drove the growth for the quarter with revenue of $1.58 billion, up from $1.36 in the year-ago quarter, reflecting higher volume and mix of $154 million and higher pricing of $69 million. The business’ backlog reached $6.4 billion at the end of the fourth quarter.
Textron Aviation delivered 52 jets in the quarter and 47 commercial turboprops, up from 46 and 43 last year, respectively.
The company’s Bell subsidiary revenue for the October-December period was $816 million, while its systems business generated $314 million in sales.
In December, the U.S. Army awarded Bell a potential $1.3 billion contract to build the service branch’s Future Long-Range Assault Aircraft.
Textron Chairman and CEO Scott Donnelly said the company saw solid order flow and customer demand across its aircraft product portfolio.
He noted that sound aircraft utilization across the Textron aviation product portfolio yielded a 16 percent growth in aftermarket revenues.
“For the year, we delivered 178 jets up from 167 last year and 146 commercial turboprops up from 125 in 2021. Textron aviation defense delivered 10 T6 aircraft for the year up from five a year ago,” Donnelly told investors on the company’s earnings call.
For 2023, Textron expects to record revenues of around $14 billion and full-year GAAP earnings per share from continuing operations in the range of $4.40 to $4.60 or $5 to $5.20 on an adjusted basis.
Textron shares opened higher Thursday at $71.20, compared to a previous close of $69.60.
