Fort Worth, TX (July 27, 2020) Bell Textron Inc., a Textron Inc. (NYSE: TXT) company, announced today the Bell 505 has been accepted by the Tanzania Civil Aviation Authority (TCAA) for airworthiness certification in the United Republic of Tanzania, making it the sixth country in Africa to certify the aircraft. It is mandatory to procure user consent prior to running these cookies on your website.Company News HQ is a global business news portal. For the second quarter of 2020, the inventory charge is also excluded as it relates to the write-down of inventory in connection with an action taken under the restructuring plan at our TRU Simulation + Training (TRU) business. Textron Inc. (TXT - Free Report) reported second-quarter 2020 adjusted earnings of 13 cents per share against the Zacks Consensus Estimate of … (Dollars in millions, except per share amounts)“Textron is well-prepared to handle this period of uncertainty. Textron is eliminating 1,950 positions in three business segments, including Textron Aviation, largely because of the effects of the Covid-19 pandemic, the … Fort Worth, TX (July 27, 2020) Bell Textron Inc., a Textron Inc. (NYSE: TXT) company, announced today the Bell 505 has been accepted by the Tanzania Civil Aviation Authority (TCAA) for airworthiness certification in the United Republic of Tanzania, making it the sixth country in Africa to certify the aircraft. The call will be available via webcast at www.textron.com or by direct dial at (844) 721-7241 in the U.S. or (409) 207-6955 outside of the U.S.; Access Code: 4252363. Industrial also realized approximately $13 million of unfavorable performance in the first quarter due to manufacturing facility closures and employee furloughs resulting from the COVID-19 pandemic, that was mostly offset by other favorable performance.Segment profit was $3 million in the first quarter, down $103 million from a year ago, primarily due to the lower volume and the unfavorable impact of $23 million from performance, which includes $12 million of idle facility costs recognized in the first quarter of 2020 due to temporary manufacturing facility closures and employee furloughs resulting from the COVID-19 pandemic.Segment profit of $26 million was down $2 million from last year, as unfavorable performance was largely offset by the impact of higher volume. It is the leading industry news source for major companies across a number of industry verticals.“Our defense businesses performed extremely well with both revenue growth and strong operating performance in the quarter, while our commercial businesses worked diligently to reduce costs and mitigate the impacts of temporary plant closures,” said Textron Chairman and CEO Scott C. Donnelly.
We believe that these non-GAAP measures may be useful for period-over-period comparisons of underlying business trends and our ongoing business performance, however, they should be used in conjunction with GAAP measures. 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 $430 million compared to a use of cash of $291 million last year.“Our team is meeting the unprecedented challenges presented by this pandemic with a commitment to the health and safety of our employees and communities while meeting customer commitments,” said Textron Chairman and CEO Scott C. Donnelly. “The outstanding efforts of our teams in response to the challenging conditions arising from the pandemic drove strong cash performance and positive adjusted earnings in the quarter.”Revenues at Textron Aviation of $747 million were down $376 million from the second quarter of 2019, primarily due to lower Citation jet volume of $178 million, reflecting a decline in demand related to the pandemic and to a lesser extent, delays in the acceptance of aircraft related to COVID-19 travel restrictions, and lower aftermarket volume of $120 million, reflecting lower aircraft utilization.Manufacturing cash flow before pension contributions adjusts net cash from operating activities (GAAP) for the following:Finance segment revenues were down $1 million, and profit was down $2 million to last year’s second quarter.While we believe this measure provides a focus on cash generated from manufacturing operations, before pension contributions, and may be used as an additional relevant measure of liquidity, it does not necessarily provide the amount available for discretionary expenditures since we have certain non-discretionary obligations that are not deducted from the measure.Industrial revenues of $562 million were down $447 million from last year, $321 million at Fuel Systems and Functional Components and $126 million at Textron Specialized Vehicles, primarily due to temporary manufacturing facility closures.Adjusted net income (loss) and adjusted diluted earnings per share both exclude Special charges, net of taxes and an Inventory charge, net of taxes, related to the restructuring plan initiated in the second quarter of 2020.
Textron will also host a conference call at 8:00 a.m. (Eastern) to discuss the results and the company’s outlook. Segment loss was $11 million, down from $76 million of profit in the second quarter of 2019, primarily related to lower volume and mix, partially offset by favorable performance which included the impact of cost reduction activities.
Adjusted net income excludes $78 million of pre-tax special charges ($0.29 per share, after-tax) related to the restructuring plan announced in June and a …
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