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Mixed Fortunes at Textron - Analyst Blog
1/23/2013 2:52:00 PM
Diversified U.S. conglomerate
) announced fourth quarter 2012 adjusted earnings of 56 cents per
share versus 49 cents in the year-ago quarter. The fourth
quarterly result however came below the Zacks Consensus Estimate
of 57 cents. Lower numbers for the company were due to weakness
in the automotive and business jet markets.
The year-over-year upward spike in revenue is attributable to
higher performance from Bell and Textron Systems. The performance
of the Financial division was also higher than the year-ago
Segment profit decreased $37 million to $23 million, primarily due to a $27.4 million arbitration settlement charge and lower jet volumes. Cessna order backlog at the end of the fourth quarter was $1.1 billion, down $267 million from the end of the third quarter 2012.
Bell: The revenue from this division during the fourth quarter increased $139 million to slightly more than $1.1 billion. Bell delivered 9 V-22's, 6 H-1's and 65 commercial aircrafts in the reported quarter compared to 7 V-22's, 6 H-1's and 62 commercial units in last year's fourth quarter.
Segment profit increased $10 million, reflecting improved
performance. Bell's order backlog at the end of the fourth
quarter was $7.5 billion, up $1.2 billion from the end of the
third quarter 2012.
Segment profit was $36 million versus loss of $8 million a
year ago. This was primarily due to higher volumes, partially
offset by a $19 million charge associated with the company's
fee-for-service unmanned aerial systems contracts. Textron
Systems' backlog at the end of the fourth quarter was $2.9
billion, relatively flat with the end of third quarter 2012.
Since the end of the third quarter 2012, nonaccrual finance
receivables decreased from $145 million to $143 million and
sixty-day plus delinquencies decreased from $114 million to $90
million. Finance receivables at the end of the quarter were $2.1
billion, reflecting liquidations of $65 million during the
Capital expenditure during the quarter was $166 million versus
$152 million in the year-ago quarter. Long-term debt fell to $1.8
billion at the end of fiscal 2012 from $2.3 billion at the end of
Cash flow from continuing operations before pension
contributions is estimated to be between $500 million and $550
million. The company anticipates planned pension contributions of
about $200 million.
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