Textron, Inc. - TXT STOCK NEWS

Textron Inc. (NYSE: TXT) reported strong Q2 2024 results, with EPS of $1.35 and adjusted EPS of $1.54, up from $1.46 in the prior year. The company generated $383 million in net cash from operating activities and returned $358 million to shareholders through share repurchases. Textron Aviation saw increased revenues of $1.5 billion, up $113 million from last year, while Bell's revenues rose to $794 million. The company's backlog remains robust, with Textron Aviation at $7.5 billion and Bell at $4.2 billion. Despite some challenges in the Industrial segment, Textron demonstrated overall growth and strong cash flow generation.

Textron Aviation has announced the delivery of its first Cessna SkyCourier twin-engine utility turboprop with a Combi interior conversion to Everts Air, an Alaskan-based operator.

This newly certified option, approved by the FAA in May 2024, allows for the accommodation of both passengers and cargo simultaneously, enhancing the aircraft’s versatility. Everts Air, which operates in Alaska and throughout the Americas, will add this aircraft to its existing fleet, including the SkyCourier freighter variant and six Cessna Caravans.

Textron's senior VP, Lannie O’Bannion, highlighted the aircraft's adaptability for diverse missions and global markets, serving various sectors like government, law enforcement, and commercial operations. The Combi conversion option joins the existing gravel kit and full freighter conversion, providing greater operational flexibility.

Textron (NYSE: TXT) will release its second quarter 2024 financial results on July 18, 2024, followed by a conference call at 8:00 a.m. Eastern. This event will cover the company's earnings, revenue, and future outlook. The call can be accessed via webcast on Textron's official website or by phone at (844) 867-6169 in the U.S. and (409) 207-6975 internationally using Access Code: 8602005. A recorded playback will be available from 11:00 a.m. Eastern on the same day by dialing (402) 970-0847 with Access Code: 4306608.

Textron Aviation announced the successful flight of its second Cessna Citation Ascend flight test article (P1). The flight lasted 1 hour and 24 minutes, achieving a maximum altitude of 13,500 feet and a speed of 308 knots. This milestone follows the initial flight of the Ascend prototype in 2023. The Citation Ascend, unveiled at the 2023 European Business Aviation Convention & Exhibition (EBACE), is set to enter service in 2025. The P1 aircraft, which is the first conforming production flight test aircraft, will primarily test systems including propulsion, human factors, environmental control, and avionics. The certification program expects to complete testing with the two test articles and has accumulated over 400 flight hours so far.

Textron E-Z-GO, a leader in golf cart manufacturing, celebrates its 70th anniversary by establishing National Golf Cart Day on June 13, 2024. The event marks the founding of E-Z-GO in 1954 and is accompanied by nationwide promotions. Celebrations include $500 off all vehicles (with up to $3,400 off on certain promotions), 0% APR for 36 months, 2.99% APR for 48 months, and 35% off select parts and accessories. Purchasers from June 13 to June 15 will enter a drawing for four Universal Orlando tickets and a two-night hotel stay in Orlando. Follow events on Instagram and X with #NationalGolfCartDay.

Textron Aviation is expanding its operations in Australia by modernizing facilities and boosting parts availability for Cessna, Beechcraft, and Hawker aircraft. The company is moving to larger service centers at Jandakot Airport in Perth and Essendon Fields Airport in Melbourne. The Perth facility aims to enhance capacity and customer service, while the Melbourne expansion will quadruple parts storage space. Additionally, Premiair Aviation Maintenance, acquired in 2020, has been rebranded as Textron Aviation Australia to fully integrate into Textron's global network. The expansions are expected to be operational by mid-2024.

Textron Aviation has produced its 400th Cessna Citation Latitude midsize business jet, set for delivery later this year. The milestone was celebrated at their Wichita, Kansas headquarters. The Citation Latitude, certified in 2015, has been the top-delivered midsize business jet globally for eight consecutive years. Known for its reliability and 2,700-nautical mile range, it supports diverse operations including corporate, charter, and specialized missions. Innovations in manufacturing, such as automated robotics and precision tooling, ensure high quality and minimal downtime.

Textron Aviation has announced new Garmin G5000 avionics enhancements for its Cessna Citation Latitude and Citation Longitude jets. These upgrades aim to improve performance and user experience based on customer feedback. The Latitude will receive these enhancements starting in 2025, and the Longitude in 2026. Significant features include the Synthetic Vision Guidance System (SVGS) and improved situational awareness tools, such as 3D building footprints and Taxiway Routing. These upgrades are designed to enhance pilot situational awareness and safety. The Citation Latitude has been the top-delivered midsize business jet for eight years, and the Citation Longitude is known for its pilot and passenger-centric design.

Textron Aviation announced that the Cessna SkyCourier has received FAA certification for a new Combi interior conversion option. This allows the aircraft to transport nine passengers and cargo simultaneously. Deliveries of the Cessna SkyCourier with the Combi option are expected to begin later this year. The aircraft, known for its versatility and single-pilot operation, is designed to cater to a wide range of missions, including air freight, passenger transport, and special missions. This certification adds another layer of functionality, making it appealing to diverse global markets such as government agencies, law enforcement, corporations, and humanitarian organizations.