Textron reported first quarter 2013 income from continuing operations of $115 million in the first quarter of 2012 compared to $120 million in the first quarter 2012. Total revenues in the quarter were $2.86 billion, approximately flat with the first quarter of 2012.

“We saw strong growth in Bell commercial helicopters, Textron Systems defense products, and E-Z-GO vehicles, but demand in the business jet market was softer than expected,” said Textron chairman and CEO Scott C. Donnelly.

In his outlook, Donnelly continued, “Based on current business jet market conditions, we are reducing our 2013 business jet delivery outlook and now expect that deliveries will be down this year compared to 2012. This reflects our expectation for lower deliveries in the light category, partially offset by growth in the midsize category. Accordingly, we are adjusting production schedules and implementing other appropriate cost actions at Cessna.”

“While we are taking these immediate actions, we believe the global business jet market still has significant long-term growth potential and we remain committed to our new product plans, which include introduction of the M2, and new Sovereign and Citation X models later this year, as well as the Latitude in 2015 and the Longitude in 2017”, Donnelly said.

Textron said revenues at Cessna increased $39 million, primarily the result of higher used aircraft sales. Cessna delivered 32 new jets in the quarter down from 38 units in last year’s first quarter. Cessna recorded a segment loss of $8 million in the first quarter compared to a segment loss of $6 million a year-ago. Cessna backlog at the end of the first quarter was $1.03 billion, down $28 million from the end of 2012.

Textron noted that finance segment revenues decreased $19 million compared to the first quarter of 2012, reflecting a smaller finance receivable portfolio. The finance segment profit of $19 million compared to $12 million in the first quarter of 2012.

To read the Textron news release click here.