Textron Reports Q2 Y/Y Increase in Citation Jet Sales

Textron reported Textron Aviation revenues were up $72 million, primarily due to volume and mix. The company noted that it delivered 45 new Citation jets and 23 King Air turboprops in Q2/16 compared to 36 jets and 30 King Airs in Q2/15.

Textron said its Aviation backlog at the end of the second quarter was $1.1 billion, up $122 million from the end of the first quarter.

Textron also said its Finance unit revenues and segment profit in Q2/16 was $20 million and $7 million, respectively down from $24 million and $10 million a year earlier. Year-to-date through July 2, 2016, the company said its Finance unit revenues and segment profit of $40 million and $12 million, respectively compared to $46 million and $16 million for the period ended July 4, 2015.

Textron noted that its Finance group assets at July 2, 2016 of $1,225 million were off from $1,316 a year earlier.

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