Textron’s revenues down due to aircraft demand issues

Darren Wood
By Darren Wood July 19, 2019 09:17

Textron’s revenues down due to aircraft demand issues

Textron has posted a slump in its second-quarter 2019 revenues, coming in at $1.1 billion, down $153 million from the same period last year.

The firm has said that the drop was primarily due to lower volume and mix across the commercial turboprop and defence product lines.

The company’s aviation division delivered 46 jets, down from 48 last year, and 34 commercial turboprops, down from 47 last year.

Textron chairman and CEO Scott C. Donnelly said: “Operationally, we continued to have solid margin performance across our businesses with improvements in the quarter at Aviation and Industrial, and we remain on track for growth in the second half of the year.

“We remain on target for a strong 2019 as we continue our focus on execution and earnings growth through the balance of the year.”

Textron Aviation backlog at the end of the second quarter was $1.9 billion.

Darren Wood
By Darren Wood July 19, 2019 09:17