- Textron Inc . (NYSE: NYSE:TXT) reported first-quarter FY22 sales growth of 4.2% year-over-year to $3 billion, beating the consensus of $2.74 billion.
- Revenue by segments: Textron Aviation $1.04 billion (+20.2% Y/Y), Bell $834 million (-1.4% Y/Y), Textron Systems $273 million (-16.8% Y/Y) and Industrial $838 million (+1.6% Y/Y).
- EPS of $0.88 topped the consensus of $0.67.
- The segment profit increased to $304 million from $256 million a year ago, and the margin expanded by 124 bps to 10.1%.
- Textron generated cash from operating activities of the manufacturing group of $225 million in Q1, compared to $107 million a year ago.
- Textron returned $157 million to shareholders through share repurchases.
- Backlog at the end of the quarter for Aviation was $5.1 billion, Bell was $4.8 billion, and Textron Systems was $2.1 billion.
- FY22 Outlook: Textron expects net cash from operating activities of $1.057 billion - $1.157 billion.
- Price Action: TXT shares traded higher by 8.14% at $72.15 on the last check Thursday.
Read at Benzinga