- EPS of $1.03; adjusted EPS of $1.20, up from $1.05 from prior year
- Segment profit of $290 million, up $31 million from prior year
PROVIDENCE, R.I.–(BUSINESS WIRE)– Textron Inc. (NYSE: TXT) today reported first quarter 2024 net income of $1.03 per share, as compared to $0.92 per share in the first quarter of 2023. Adjusted net income, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, was $1.20 per share for the first quarter of 2024, compared to $1.05 per share in the first quarter of 2023.
“In the quarter, we saw profit growth across our Aviation, Bell, and Systems businesses,” said Textron Chairman and CEO Scott C. Donnelly. “At Aviation, we saw continued strong market demand which contributed to $177M in backlog growth. At Bell, we saw revenue growth driven by the FLRAA program.”
Cash Flow
Net cash used by operating activities of the manufacturing group for the first quarter was $30 million, compared to $153 million in cash provided last year. Manufacturing cash flow before pension contributions, a non-GAAP measure that is defined and reconciled to GAAP in an attachment to this release, reflected a use of cash of $81 million for the first quarter, compared to a cash inflow of $104 million last year.
In the quarter, Textron returned $317 million to shareholders through share repurchases.
