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Oct. 29, 2020, 7:23 a.m. EDT

Textron tops profit views but revenue falls shy

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By Matt Grossman

Textron Inc. on Thursday posted a smaller third-quarter profit and lower revenue year over year as deliveries of jet and turboprop airplanes declined during the coronavirus pandemic.

The Rhode Island-based aerospace company, maker of Cessna airplanes and Bell helicopters, logged a net profit of $115 million, or 50 cents a share, compared with a profit of $220 million, or 95 cents a share, in the same three-month period a year earlier.

On an adjusted basis, the company's profit was 53 cents a share. Analysts polled by FactSet had expected an adjusted profit of 36 cents a share.

Revenue was $2.74 billion, down from $3.26 billion in last year's third quarter. Analysts were expecting revenue of $2.8 billion.

Sales in the company's Textron Aviation division fell to $795 million, from $1.2 billion in the year-ago period, as the company delivered fewer aircraft during the pandemic. Newly delivered jets fell to 25, from 45, and commercial turboprops fell to 21, from 39.

Revenue from Bell helicopters was roughly flat year over year at $793 million. Textron delivered 41 commercial helicopters in the quarter, compared with 42 in the same three-month period last year.

The company's aviation backlog was $1.8 billion at the end of the quarter, while the Bell helicopter backlog was $5.7 billion.

Write to Matt Grossman at matt.grossman@wsj.com

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