Textron's 2024 Revenue Up 6%

By Bobby Samwell • Thursday, February 06 15:28 • Permanent Link

Textron Inc. has recently released its 10-K report, providing a detailed insight into its operations and financial performance. The company operates in the aircraft, defense, industrial, and finance industries globally, with six segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation, and Finance. In 2024, Textron reported revenues of $13.7 billion, marking a 6% increase from 2023. The cost of sales was $11.2 billion, a 3% increase from the previous year.

Textron Aviation, one of its key segments, experienced a 2% decrease in revenues in 2024 compared to 2023, largely due to lower volume and mix, resulting from a strike that impacted its operations. The segment's cost of sales remained relatively unchanged, with a $14 million decrease. Textron Aviation's segment profit decreased by 13% in 2024, primarily due to lower volume and mix, as well as manufacturing inefficiencies resulting from the strike.

Bell, another significant segment, saw a 14% increase in revenues in 2024 compared to 2023, driven by higher volume on military aircraft and support programs, particularly the FLRAA program. Bell's segment profit increased by 16% in 2024, mainly due to lower research and development costs and favorable contract performance.

Textron Systems reported a 5% increase in revenues and a 5% increase in segment profit in 2024 compared to 2023, with the cancellation of the Shadow program being offset by higher volume on the Ship-to-Shore Connector program.

The Industrial segment experienced a 3% decrease in revenues in 2024 compared to 2023, primarily due to lower revenues at Textron Specialized Vehicles, while Kautex saw a 10% increase in revenues. The segment's profit margin remained relatively stable.

These figures provide a comprehensive overview of Textron's financial performance and operational highlights, shedding light on the company's key areas of growth and challenges in the past year. As a result of these announcements, the company's shares have moved 0.5% on the market, and are now trading at a price of $74.91. If you want to know more, read the company's complete 10-K report here.

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