Textron (TXT) Tops Q3 EPS by 18c, Revenues Miss

Textron (NYSE: TXT) reported Q3 EPS of $0.53, $0.18 better than the analyst estimate of $0.35. Revenue for the quarter came in at $2.74 billion versus the consensus estimate of $2.81 billion.

• Strong operating margins at Bell and Systems
• Recovery continues at Industrial and Aviation end-markets
• Manufacturing cash flow before pension contributions of $344 million, up 90% from prior year

“Operationally, we saw continued strength in our execution at our defense businesses with solid margin performance at Bell and Systems,” said Textron Chairman and CEO Scott C. Donnelly. “On the commercial side, we saw a continuation of the recovery at Industrial with strong operating results and margin improvement. At Aviation, we were encouraged by the flow of aircraft orders in the quarter as our sales teams re-engaged customers in the field.”

Cash Flow

Net cash provided by operating activities of the manufacturing group for the third quarter totaled $368 million, compared to $238 million in last year’s third quarter. Manufacturing cash flow before pension contributions, a non-GAAP measure, totaled $344 million, compared to $181 million last year.

Donnelly continued, “The execution of our teams in a very challenging operating environment yielded another strong quarter of cash flow.”

For earnings history and earnings-related data on Textron (TXT) click here.

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