Textron Inc. (NYSE: TXT) today reported first quarter 2014 income from continuing operations of $0.31 per share, compared to $0.40 per share in the first quarter of 2013. On March 14, 2014, Textron completed its acquisition of Beechcraft and recorded acquisition and restructuring costs of $16 million. The acquisition reduced first quarter income from continuing operations by $0.05 per share as a result of acquisition, restructuring and applicable interest costs.
Total revenues in the quarter were $2.8 billion, approximately flat with the first quarter of 2013. Beechcraft was combined with Cessna to form a new reporting segment called Textron Aviation and contributed $101 million to revenues in the first quarter of 2014.
Segment profit in the quarter was $219 million, down $16 million from the first quarter of 2013.
First quarter 2014 manufacturing cash flow before pension contributions reflected a use of cash of $111 million compared to a use of cash of $425 million during the first quarter of 2013. The company contributed $17 million to its pension plans during the first quarter.
“Revenues at Textron Aviation and Industrial were up during the quarter, while revenues at Bell and Textron Systems were down, as we expected,” said Textron Chairman and CEO Scott C. Donnelly . Donnelly continued, “Operationally, we achieved significant margin improvements at Textron Aviation, Textron Systems and Industrial, reflecting strong performance across these segments.”
Donnelly continued, “We were pleased that we were able to close our Beechcraft acquisition during the first quarter, as it gave us an early start on combining our capabilities and bringing the large installed base of Hawker and Beechcraft customers into the Textron family. Coupled with our margin improvements, we believe we have a good start to 2014.”
On February 5, 2014, the company repurchased 4.3 million shares of its outstanding common stock through an accelerated share repurchase agreement.
Source / Author: Textron