Textron Inc TXT reported Q3 FY23 sales growth of $3.34 billion, missing the consensus of $3.476 billion, although adjusted EPS of $1.49 (+30% Y/Y) beat the consensus of $1.29.
Textron Aviation's revenues stood at $1.3 billion, up $171 million Y/Y on higher volume and mix of $89 million and higher pricing of $82 million. Textron Aviation's backlog came in at $7.4 billion.
The company witnessed the strongest order quarter of the year in Aviation, with an increase of 12% Y/Y.
Bell revenues were $754 million, flat Y/Y, as lower commercial helicopter volume, partly offset the impact of higher military volume. Bell backlog stood at $5.2 billion.
Industrial revenues stood at $922 million (up $73 million Y/Y), benefiting from higher volume and mix of $45 million at both product lines and an $18 million favorable impact from pricing.
The operating cash flow of the manufacturing group was $270 million, compared to $356 million last year.
As of September 30, cash and cash equivalents stood at $1.671 million.
Dividend: The Board of Directors declared a quarterly dividend per share of $0.02, payable on January 1, 2024, to shareholders of record as of December 15, 2023.
Repurchase: In Q3, Textron returned $235 million to shareholders through share repurchases.
FY23 Outlook Raised: Textron now expects 2023 adjusted EPS from continuing operations of $5.45 to $5.55 (from $5.20-$5.30 earlier) vs. consensus of $5.32.
Textron reiterated its expectation for cash flow from continuing operations of the manufacturing group before pension contributions of $0.9 billion to $1.0 billion, with planned pension contributions of about $50 million.
Also Read: GE Aerospace Partners With Bell Textron For V-280 Valor Military Aircraft System
Price Action: TXT shares are trading higher by 3.47% at $76.94 on the last check Thursday.
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