Sector: Industrials|Industry: Aerospace & Defense|Market Cap: $13.99B|Employees: 35K
Textron Inc. operates in the aircraft, defense, industrial, and finance businesses worldwide. It operates through six segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation, and Finance. The Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and offers maintenance, inspection, and repair services, as well as sells commercial parts. The Bell segment supplies military and commercial helicopters, tiltrotor aircrafts, and related spare parts and services. The Textron Systems segment offers unmanned aircraft systems, electronic systems and solutions, advanced marine crafts, piston aircraft engines, live military air-to-air and air-to-ship training, weapons and related components, and armored and specialty vehicles. The Industrial segment offers blow-molded solutions, including conventional plastic fuel tanks and pressurized fuel tanks for hybrid vehicle applications, clear-vision systems, plastic tanks for catalytic reduction systems, and battery housing systems for use in electric vehicles primarily to automobile original equipment manufacturers (OEMs); and golf cars, off-road utility vehicles, powersports products, light transportation vehicles, aviation ground support equipment, professional turf-maintenance equipment, and turf-care vehicles to golf courses and resorts, government agencies and municipalities, consumers, outdoor enthusiasts, and commercial and industrial users. The Textron eAviation segment manufactures and sells light aircraft and gliders with electric and combustion engines; and provides other research and development initiatives related to sustainable aviation solutions. The Finance segment offers financing services to purchase new and pre-owned aviation aircraft and Bell helicopters. Textron Inc. was founded in 1923 and is headquartered in Providence, Rhode Island.
Total revenues increased by 3% YoY to $3,527 million, with Textron Aviation revenues up $113 million and Bell revenues up $93 million. This was offset by a decrease in Industrial revenues of $112 million. The increase was primarily due to higher pricing and volume in the aviation and military segments.
Industrial segment revenues decreased by 11% YoY to $914 million, primarily due to lower volume and mix in the Specialized Vehicles product line. This decline negatively impacted overall revenue growth.
The effective tax rate for the second quarter of 2024 was 19.5%, lower than the U.S. federal statutory rate of 21%. This decrease is largely due to the favorable impact of research and development credits and tax deductions for foreign-derived intangible income.