Textron Inc. (NYSE: TXT) has reported its second quarter 2024 results, with income from continuing operations at $1.35 per share, compared to $1.30 per share in the second quarter of 2023. Adjusted income from continuing operations, a non-GAAP measure, was $1.54 per share for the second quarter of 2024, up from $1.46 per share in the second quarter of 2023.
The company's net cash from operating activities in the second quarter of 2024 was $383 million, a significant increase from $314 million in the same period last year. Manufacturing cash flow before pension contributions totaled $320 million for the second quarter, compared to $242 million last year.
Textron returned $358 million to shareholders through share repurchases in the second quarter. Year to date, the company has returned $675 million to shareholders through share repurchases.
Textron Aviation's revenues were $1.5 billion in the second quarter, up $113 million from the same period in 2023. Textron Aviation delivered 42 jets in the quarter, down from 44 in the second quarter of 2023, and 44 commercial turboprops, up from 37 in the same period last year. The segment profit was $195 million in the second quarter, up $24 million from a year ago.
Bell's revenues were $794 million, up $93 million from the second quarter of 2023. Bell delivered 32 commercial helicopters in the quarter, down from 35 in the same period last year. The segment profit was $82 million, up $17 million from the second quarter of 2023.
Textron Systems' revenues were $323 million, up $17 million from the second quarter of 2023, with a segment profit of $35 million, down $2 million compared with the same period last year. The segment's backlog at the end of the second quarter was $1.7 billion.
Industrial revenues were $914 million, down $112 million from last year's second quarter, and the segment profit was $42 million, down $37 million from the second quarter of 2023.
Textron EAviation segment revenues were $9 million, and the segment reported a loss of $18 million in the second quarter of 2024, compared with a segment loss of $12 million in the second quarter of 2023.
Finally, the finance segment revenues were $12 million, and the profit was $7 million.
Textron will host its conference call on July 18, 2024, at 8:00 a.m. (Eastern) to discuss its results and outlook. Following these announcements, the company's shares moved 0.2%, and are now trading at a price of $92.21. If you want to know more, read the company's complete 8-K report here.
