NEWTOWN, Conn. -- Textron reported third quarter 2018 revenues of $3.19 billion, down 8 percent from $3.47 billion in the third quarter of 2017. Net income for the quarter was $563 million compared to $159 million a year ago.
"Revenues were lower in the quarter, largely reflecting declines at Industrial and Textron Systems," said Textron Chairman and CEO Scott C. Donnelly. "Operationally, we achieved margin improvements at Aviation and Bell, reflecting strong execution within those segments."
INDUSTRY SEGMENTS
Textron Aviation
Revenues at Textron Aviation of $1.1 billion were down 2% from $1.2 billion in the third quarter of 2017, due to lower volume and mix reflecting lower turboprop volume, partially offset by favorable pricing.
Textron Aviation delivered 41 jets, flat with last year, and 43 commercial turboprops, down from 57 last year.
Segment profit was $99 million in the third quarter, up from $93 million a year ago, due to favorable price and performance, partially offset by the impact of lower volume and mix.
Textron Aviation backlog at the end of the third quarter was $1.8 billion.
Bell
Bell revenues were $770 million, down 5% from $812 million in the third quarter of 2017 primarily on commercial mix, partially offset by higher military revenues.
Bell delivered 43 commercial helicopters in the quarter, up from 39 last year.
Segment profit of $113 million was up $7 million, largely the result of favorable performance on military programs, partially offset by commercial mix.
Bell backlog at the end of the third quarter was $5.7 billion.
Textron Systems
Revenues at Textron Systems were $352 million, down from $458 million last year, reflecting lower TAPV deliveries at Textron Marine & Land Systems and lower volume in the Simulation, Training & Other product line.
Segment profit was down $11 million to $29 million, primarily reflecting the lower net volume.
Textron Systems’ backlog at the end of the third quarter was $1.1 billion.
Industrial
Industrial revenues decreased to $930 million from $1,042 million largely related to the disposition of our Tools & Test product line.
Segment profit was $1 million, down $48 million from the third quarter of 2017, largely due to unfavorable pricing and performance, and the impact from the disposition of our Tools & Test product line.
Finance
Finance segment revenues were $15 million, down $3 million, and profit was $3 million, down $4 million from last year’s third quarter.
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