Textron reported its earnings today. First-quarter sales of $3.13 billion fell short of Wall Street expectations of $3.28 billion, and adjusted profit per share of $1.20 fell short of an expected $1.23 per share. Profit for the quarter was $201 million, up from $191 million last year. The company also announced plans to lay off about 4% of its global workforce, or 1,500 employees, due to its expanded restructuring plan.
Textron Aviation had strong demand, delivering 36 jets and 20 commercial turboprops during the quarter.Bell revenues rose with higher military volume, and Textron Systems division remained flat.The E-Aviation segment showed a loss, but the company has maintained its full-year guidance of adjusted EPS at $6.20 to $6.40.
The company expects to save about $185 million from its restructuring plan, with a $20 million cash impact in 2024.The company foresees margin expansion at Bell and continued strong order activity in Aviation.Supply chain
challenges, including a windshield shortage, have affected production and customer satisfaction in the Aviation segment.
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