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Textron Inc. (TXT - Free Report) reported first-quarter 2022 earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 72 cents by 22.2%. The bottom line also improved by 17.3% from the year-ago quarter’s figure.
Revenues
Total revenues came in at $3,001 million, which beat the Zacks Consensus Estimate of $2,973.7 million by 0.9%. The reported figure also increased 4.2% from the year-ago quarter’s $2,879 million.
Manufacturing revenues increased 4.2% in the first quarter to $2,985 million, while revenues at the Finance division improved by 6.7% to $16 million.
Textron Aviation: In the quarter under review, revenues in this segment soared 20.2% year over year to $1,040 million. The increase was primarily due to higher aircraft and aftermarket volumes.
The company delivered 39 jets, up from 28 in the year-ago quarter. It also delivered 31 commercial turboprops, up from 14 in the first quarter of 2021.
The segment generated an operating profit of $121 million in the quarter compared with the $47 million earned in the year-ago quarter due to a higher volume and a mix as well as a favorable pricing impact.
The order backlog at the end of the quarter was $5.1 billion.
Bell: Revenues from this segment slipped 1.4% to $834 million, primarily due to lower commercial revenues.
The segment delivered 25 commercial helicopters in the quarter, up from 17 last year.
The segment’s profit was down 6.7% to $98 million due to lower volumes. Bell’s order backlog at the end of the quarter was $4.8 billion, up sequentially from $3.9 billion.
Textron Systems: Revenues in this segment came in at $273 million, down 16.8% from the year-ago period. The deterioration can be attributed to lower volumes, which included the impact of the U.S. Army’s withdrawal from Afghanistan on the segment's fee-for-service and aircraft support contracts.
Segmental profits declined by 35.3% year over year to $33 million in the first quarter due to a lower volume and a mix.
Textron Systems’ backlog at the end of the first quarter was $2.1 billion.
Industrial: Revenues in this segment improved by 1.6% to $838 million due to a favorable pricing impact on the Specialized Vehicles product line..
Moreover, the segment’s profit was $43 million compared with $47 million in the previous year quarter. The deterioration can be attributed to a lower volume and a mix.
Finance: Revenues in this segment increased to $16 million from $15 million in the year-ago quarter. The profit came in at $9 million in the first quarter compared with $6 million in the year-ago period.
Financials
As of Apr 2, 2022, cash and cash equivalents totaled $1,978 million compared with $1,922 million as of Jan 1, 2022.
Cash flow from operating activities amounted to $225 million as of Apr 2, 2022 compared with $107 million in the year-ago period.
Capital expenditures were $48 million at the end of the first quarter of 2022 compared with $53 million at the end of the first quarter of 2021.
The long-term debt was $3,178 million as of Apr 2, 2022 compared with $3,179 million as of Jan 1, 2022.
Lockheed Martin (LMT - Free Report) reported first-quarter 2022 earnings of $6.44 per share, which surpassed the Zacks Consensus Estimate of $6.22 by 3.5%. However, the bottom line declined by 1.8% year over year.
Lockheed Martin ended the first quarter of 2022 (on Mar 27, 2022) with $134.23 billion in the backlog compared with $135.36 billion at the end of the fourth quarter of 2021. LMT’s cash from operations at the end of the first quarter of 2022 amounted to $1.41 billion compared with $1.75 billion a year ago.
General Dynamics Corporation (GD - Free Report) reported first-quarter 2022 earnings per share of $2.61, which beat the Zacks Consensus Estimate of $2.49 by 4.8%. Its first-quarter revenues of $9,392 million surpassed the Zacks Consensus Estimate of $8,977.3 million by 4.6%.
General Dynamics recorded a total backlog of $87.23 billion, down 0.4% from the 2021-end backlog. The funded backlog at the first-quarter end was $66.60 billion. In the first quarter of 2022, GD generated cash from operating activities of $1,968 million, escalating sharply from the only $3 million generated in the year-ago period.
The Boeing Company (BA - Free Report) incurred an adjusted loss of $2.75 per share in the first quarter of 2022, much wider than the Zacks Consensus Estimate of a loss of 26 cents. In the quarter under review, Boeing’s revenues amounted to $13.99 billion, which missed the Zacks Consensus Estimate of $16.01 billion by 12.6%.
The backlog at the end of the first quarter of 2022 decreased to $370.84 billion from $377.50 billion at the end of 2021. BA’s operating cash outflow as of Mar 31, 2022 was $3.22 billion.
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Textron (TXT) Q1 Earnings Beat Estimates, Revenues Rise Y/Y
Textron Inc. (TXT - Free Report) reported first-quarter 2022 earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 72 cents by 22.2%. The bottom line also improved by 17.3% from the year-ago quarter’s figure.
Revenues
Total revenues came in at $3,001 million, which beat the Zacks Consensus Estimate of $2,973.7 million by 0.9%. The reported figure also increased 4.2% from the year-ago quarter’s $2,879 million.
Manufacturing revenues increased 4.2% in the first quarter to $2,985 million, while revenues at the Finance division improved by 6.7% to $16 million.
Textron Inc. Price, Consensus and EPS Surprise
Textron Inc. price-consensus-eps-surprise-chart | Textron Inc. Quote
Segmental Performance
Textron Aviation: In the quarter under review, revenues in this segment soared 20.2% year over year to $1,040 million. The increase was primarily due to higher aircraft and aftermarket volumes.
The company delivered 39 jets, up from 28 in the year-ago quarter. It also delivered 31 commercial turboprops, up from 14 in the first quarter of 2021.
The segment generated an operating profit of $121 million in the quarter compared with the $47 million earned in the year-ago quarter due to a higher volume and a mix as well as a favorable pricing impact.
The order backlog at the end of the quarter was $5.1 billion.
Bell: Revenues from this segment slipped 1.4% to $834 million, primarily due to lower commercial revenues.
The segment delivered 25 commercial helicopters in the quarter, up from 17 last year.
The segment’s profit was down 6.7% to $98 million due to lower volumes. Bell’s order backlog at the end of the quarter was $4.8 billion, up sequentially from $3.9 billion.
Textron Systems: Revenues in this segment came in at $273 million, down 16.8% from the year-ago period. The deterioration can be attributed to lower volumes, which included the impact of the U.S. Army’s withdrawal from Afghanistan on the segment's fee-for-service and aircraft support contracts.
Segmental profits declined by 35.3% year over year to $33 million in the first quarter due to a lower volume and a mix.
Textron Systems’ backlog at the end of the first quarter was $2.1 billion.
Industrial: Revenues in this segment improved by 1.6% to $838 million due to a favorable pricing impact on the Specialized Vehicles product line..
Moreover, the segment’s profit was $43 million compared with $47 million in the previous year quarter. The deterioration can be attributed to a lower volume and a mix.
Finance: Revenues in this segment increased to $16 million from $15 million in the year-ago quarter. The profit came in at $9 million in the first quarter compared with $6 million in the year-ago period.
Financials
As of Apr 2, 2022, cash and cash equivalents totaled $1,978 million compared with $1,922 million as of Jan 1, 2022.
Cash flow from operating activities amounted to $225 million as of Apr 2, 2022 compared with $107 million in the year-ago period.
Capital expenditures were $48 million at the end of the first quarter of 2022 compared with $53 million at the end of the first quarter of 2021.
The long-term debt was $3,178 million as of Apr 2, 2022 compared with $3,179 million as of Jan 1, 2022.
Zacks Rank
Textron currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Defense Releases
Lockheed Martin (LMT - Free Report) reported first-quarter 2022 earnings of $6.44 per share, which surpassed the Zacks Consensus Estimate of $6.22 by 3.5%. However, the bottom line declined by 1.8% year over year.
Lockheed Martin ended the first quarter of 2022 (on Mar 27, 2022) with $134.23 billion in the backlog compared with $135.36 billion at the end of the fourth quarter of 2021. LMT’s cash from operations at the end of the first quarter of 2022 amounted to $1.41 billion compared with $1.75 billion a year ago.
General Dynamics Corporation (GD - Free Report) reported first-quarter 2022 earnings per share of $2.61, which beat the Zacks Consensus Estimate of $2.49 by 4.8%. Its first-quarter revenues of $9,392 million surpassed the Zacks Consensus Estimate of $8,977.3 million by 4.6%.
General Dynamics recorded a total backlog of $87.23 billion, down 0.4% from the 2021-end backlog. The funded backlog at the first-quarter end was $66.60 billion. In the first quarter of 2022, GD generated cash from operating activities of $1,968 million, escalating sharply from the only $3 million generated in the year-ago period.
The Boeing Company (BA - Free Report) incurred an adjusted loss of $2.75 per share in the first quarter of 2022, much wider than the Zacks Consensus Estimate of a loss of 26 cents. In the quarter under review, Boeing’s revenues amounted to $13.99 billion, which missed the Zacks Consensus Estimate of $16.01 billion by 12.6%.
The backlog at the end of the first quarter of 2022 decreased to $370.84 billion from $377.50 billion at the end of 2021. BA’s operating cash outflow as of Mar 31, 2022 was $3.22 billion.