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Textron is a multi-industry company that designs, manufactures, and services aircraft, defense systems, and industrial products. Its business segments include aviation, specialized vehicles, and defense technologies. Textron serves commercial, government, and military customers around the world. Its brands span sectors such as aerospace, automotive, and finance.

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Textron (TXT): Company Profile, Stock Price, News, Rankings

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Good morning, everyone, and a warm welcome to the Textron Q1 twenty twenty five Earnings Call. My name is Emily, and I'll be moderating your call today. After the presentation, you will have the opportunity to ask any questions, which you can do so at any time by pressing star followed by the number one on your telephone keypad. I will now hand over to Scott Hegstrom, Vice President of Investor Relations to begin. Scott, please go ahead.

Thank you, Emily, and good morning, everyone. Before we begin, I'd like to mention that we will be discussing future estimates and expectations during our call today. These forward looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release. On the call today, have Scott Donnelly, TxRON's Chairman and CEO and David Rosenberg, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website.

Revenues in the quarter were $3,300,000,000 up $171,000,000 from last year's first quarter. Segment profit in the quarter was $280,000,000 down $10,000,000 from the first quarter of twenty twenty four. During this year's first quarter, adjusted income from continuing operations was $1.28 per share compared to $1.2 per share in last year's first quarter. Manufacturing cash flow before pension contributions reflected a use of cash of $158,000,000 compared to a use of cash of $81,000,000 in last year's first quarter. With that, I'll turn the call over to Scott.

Thanks Scott and good morning everyone. Overall revenues were up 5% led by Bell partially offset by lower revenues in industrial. During the quarter aviation over 31 jets and 30 commercial turboprops compared to 36 jets and 20 commercial turboprops in last year's first quarter. Aviation operations continue to improve as the factory progressed toward pre strike performance levels while ramping production. Textron Aviation's fleet utilization remained strong in the quarter contributing to aftermarket revenue growth of 6% as compared to last year's first quarter.

Aviation announced the sale of seven King Air two 60 training aircraft that will be used to train pilots for the Royal Canadian Air Force. In February, the FAA announced certification of the GE Aerospace Catalyst Turbo Prop engine marking an important milestone for the Beachcraft Denali program. To date the program has amassed more than 2,700 flight hours and across 1,000 flights with three test articles. At Bell revenues were up $256,000,000 or 35% compared to last year's first quarter driven by strong growth in both military and commercial product lines. On the military side execution of the FLAARA and strength in military support programs contributed to significant growth from last year's first quarter.

As we progress through the Pilar program, the focus this year includes design maturation and deliverables towards subsystem and weapon system critical design review, our next major program milestone. On the commercial side Bell delivered 29 helicopters up from 18 in last year's first quarter. During the quarter Bell was awarded a contract for five additional CMV-twenty two aircraft. This award extends production through 2027. Bell announced a purchase agreement with Air Methods for 15 IFR configured 407GXIs and an option for 12 additional aircraft with deliveries expected to begin later this year.

Moving to systems, revenues in the quarter were slightly lower compared to the prior year largely resulting from the cancellation of the shadow program in 2024. Strong execution in the quarter drove a 13.5% segment profit margin, up 110 basis points as compared to last year's first quarter. During the first quarter, Systems received a contract valued at up to $100,000,000 from the U. S. Navy for support software development updates for its unmanned mine sweeping operations.

Also during the quarter systems delivered the thirteenth ship to shore connector aircraft to the U. S. Navy. Moving to industrial, we saw lower revenues in the quarter compared to last year's first quarter consistent with our expectations with segment profit essentially unchanged as cost savings from our previous restructuring activities offset the impact of lower revenues on segment profit. Within specialized vehicles, we have completed the previously announced strategic review of the powersports product line resulting in the sale of the powersports business including the Arctic Cup brand and its operations.

Also during the quarter, Aviation successfully completed the first hover flight of the Nuva V300, a long range large capacity hybrid electric VTOL unmanned aircraft. This milestone marks an advancement in the development of sustainable and versatile unmanned aerial systems. With that, I'll turn the call over to David.

Thank you, Scott, and good morning, everyone. Let's review how each of the segments contributed starting with Textron Aviation. Revenues at Textron Aviation of $1,200,000,000 were up $24,000,000 from the first quarter of twenty twenty four, largely reflecting higher aftermarket revenue of $27,000,000 Segment profit was $127,000,000 in the first quarter, down $16,000,000 from a year ago, primarily reflecting the mix of aircraft sold, partially offset by higher aftermarket volume. Backlog in the segment ended the quarter at $7,900,000,000 Moving to Bell, revenues were $983,000,000 up $256,000,000 from the first quarter of twenty four. The revenue increase in the quarter was driven by higher military revenues of $154,000,000 primarily due to higher volume from the U.

S. Army's FLAIR program and military sustainment programs and higher commercial revenues of $102,000,000 primarily due to higher volume and mix. Segment profit of $90,000,000 was up $10,000,000 from a year ago, primarily due to higher volume mix of products and services. Backlog in the segment ended the quarter at 7,100,000,000.0 At Textron Systems, revenues were $296,000,000 down $10,000,000 from last year's first quarter, largely due to lower volume, which included the impact of the cancellation of the Shadow program in 2024, partially offset by higher volume for the Ship to Shore Connector program. Segment profit of $40,000,000 was up $2,000,000 from last year's first quarter, primarily due to lower research and development costs, partially offset by lower volume.

Backlog in the segment ended the quarter at 2,300,000,000.0 Industrial revenues were $792,000,000 down $100,000,000 from last year's first quarter, largely due to lower volume and mix. Textron Specialized Vehicles revenues decreased $62,000,000 reflecting lower volume and mix, primarily in golf and Context revenues decreased $38,000,000 largely due to lower volume. Segment profit of $30,000,000 was essentially unchanged from the first quarter of twenty twenty four as the impact of lower volume and mix was offset by the benefit of cost reductions from restructuring activities. Textron E Aviation segment revenues were $7,000,000 in the first quarter of twenty twenty five, and segment loss was $17,000,000 as compared with a segment loss of $18,000,000 in the first quarter of twenty twenty four. Finance segment revenues were $16,000,000 and profit was $10,000,000 in the first quarter of twenty twenty five as compared to segment revenues of $15,000,000 and profit of $18,000,000 in the first quarter of twenty twenty four.

Moving below segment profit, corporate expenses were $43,000,000 net interest expense for the manufacturing group was $25,000,000 LIFO inventory provision was $29,000,000 intangible asset amortization was $8,000,000 and the non service component of pension and postretirement income were $66,000,000 Our adjusted effective tax rate for the first quarter of twenty twenty five was 15.3%. For the full year, we still expect a rate of 18%. During the quarter, we repurchased approximately 2,900,000.0 shares, returning $215,000,000 in cash to shareholders. To wrap up with guidance, we are reaffirming our expected full year adjusted earnings per share to be in a range of $6 to $6.2 We also expect full year manufacturing cash flow before pension contributions of 800,000,000 to $900,000,000 That concludes our prepared remarks. So operator, we can open the line for questions.

Thank Our first question today comes from the line of Robert Stallard with Vertical Research. Robert, please go ahead.

maybe to start with you. On the Arctic Cat disposal, congrats on getting that done. Are you considering any further portfolio actions here?

Nothing that were announced there, Rob. We always look at the portfolio, but we certainly would never preannounce.

Okay. And then the other major issue, of course, at the moment is tariffs and the trade war. And I was wondering if you've given any consideration to what the impact could be on the Textron businesses going forward from here?

Sure. Look, think the tariff issue is one that everybody's talking about. I would say that when you look at our businesses, first of all, our largest businesses in the aviation space, whether it's fixed wing or rotorcraft, we are principally a North American manufacturer. The vast majority of that manufacturing is in The United States. Certainly, have operations in Mexico and in Canada.

The good news is that with USMCA compliance, we're not having tariffs as things are crossing over that border. We do have quite a process that we were sort of in the middle of just going through and validating USMCA compliance. But I think so far we've seen to be in very good shape. So we haven't seen a tariff impact in terms of anything moving amongst our North American operations. If you look at the Caltex business, as you know we have manufacturing operations all around the world.

You need to be close to those OEMs. But as a result, all those products that we manufacture in different regions around the world are consumed in those regions around the world. So we're not subjected to tariffs on any of that. Certainly in all of our businesses, we do have some parts and suppliers that are either in Europe or in Asia. But so far the impact of that has been pretty de minimis and I think we'll just continue to monitor that as the situation evolves.

But at this point, we certainly don't see it as being something that's a material impact to the company.

Thank you. Our next question comes from Sheila Kahyaoglu with Jefferies. Sheila, please go ahead. Thank

you. Morning, Scott and David. And David, I just want to say congratulations on keeping up with the eight minute typescript So congrats on that with the proposal.

Scott, maybe first one on Bell, just really outstanding performance there. Revenue is up 35%, equally split between military and commercial. How do you think about the puts and takes on maybe the flora revenue contribution and profitability from here?

Sure. So, Shell, think we a very big increase obviously on a Q1 to Q1 basis. We did have very strong performance in terms of deliveries on the commercial helicopter side, but we also had a very large increase on the FAR program. Q1 was sort of still early in the program. Obviously, we're full At this point, it's not only our internal level of activity, but a lot more suppliers on board as we're starting to issue drawings and get things on purchase authorizations and actually start to build first parts in many cases.

So we're seeing a real step function. I do still believe if you look at FAR on a year over year basis, it's probably going to be up 20% or so. So it will be a contributor through the course of the year. I think the margins are roughly in line with where we guided. I think that'll be relatively consistent through the course of the year as we see a large mix of the flower program driving a lot of the growth and commercial helicopters, OEM deliveries as you

also tend to be a little bit dilutive to our overall margin rate. But I think all in all, Bell had a great quarter and we would expect to continue to see nice growth and solid performance through the balance of the year.

Can I also ask on Industrial, how the Arctic Cat and certain product line sales impact revenues and profitability for the remainder of the year?

Yeah. So we'll be down a little bit on revenue. When we did the guide, we assumed first quarter, which obviously there's revenue in line with what we expected here in Q1. We did have some revenue through the balance of the year and expectation that we would need to run this as an aftermarket business. Obviously, as a result of the sale, which was really our desired outcome, we won't have that revenue in the next three quarters, but it's a pretty de minimis number.

So I think we'll still be in the guide range on the revenue side and probably have a little bit of movement towards the upper end of the guide in terms of the margin.

Thank you. Our next question comes from Noah Poponak with Goldman Sachs. Noah, please go ahead.

Scott, maybe you could just talk about the demand environment in the private jet market. Obviously, to predict the future, but in the past when we've had macro concerns that we've at least seen some pause in in orders. Your one q book to bill was was still pretty healthy even though the equity market highs were were early March, but, but, you know, April 2 was was after the quarter ended. So I know it's never super useful to break it apart month by month, but just curious to what you're seeing and hearing from your customers.

Well, no, I mean, look, think as you point out, anytime there's a great deal of uncertainty in the world, you can see some folks pause a little bit. We're not seeing a dramatic impact. There's still order activity and flow that's happening, which I think is encouraging. And I do think part of it, Noah, is the fact that unlike the last decade or so when you have uncertainty or a ripple in the system, it's easy for people to say, well, I'll wait until next quarter. I think the backlog situation helps people say, okay, look, I'm talking about an aircraft that's going deliver eighteen months from now.

So I think that's it's a different dynamic when you're thinking about deliveries that are out there eighteen months to two years even as opposed to jeez, do I do it this quarter or next quarter. So yes, some customers are taking a pause, but a lot of other customers are continuing with order activity. And think we still feel like the demand environment is solid and we continue to press on.

Okay. And then maybe you could just give us your updated plan on production and delivery growth through the rest of the year as you continue to recover from the strike but have demand to deliver more airplanes?

Sure. Look, I think we will see the ramp continue as we guided originally. We expected the first half to be a little bit lighter and to be a little bit lighter on the margin rate because you had a lot of that disruption still kind of working its way through and aircraft that were in part built last year and still getting delivered through the first of this half of this year. So I still think we're very confident in where we guided and we'll see these couple hundred basis points below our guide here in the early part of the year and make up for that in the back half. The encouraging part is as we leave the quarter the metrics that our teams track around productivity and attrition and earned hours and all those sorts of metrics that Ron and his guys drive every day.

Leaving the quarter, we're getting back to kind of where we were in the pre strike. So I would say that we do feel very comfortable that we've recovered from that disruption And those aircraft that we're now manufacturing largely which will deliver in the second half of the year are seeing the impacts of the productivity and efficiencies that we expected. So that model of sort of a ramp through the course of the year and improving margins particularly in the back half I think is going to be what we're going to see.

Thank you. Our next question comes from Peter Arment with Baird. Please go ahead, Peter.

Yes. Thanks. Good morning, Scott and Dave. Hey, Scott. On the continuing resolution, I know you had limited new starts in the first half, but now we've got a full year CR.

Any impacts from that on systems or any of the other businesses?

Well, that's a good question, Peter. I would say that in general, no. So when you look at this full year CR, which is obviously a very unusual situation, there were quite a few so called amendments to that that provided specific guidance that allowed programs to increase. Flora is a good example. That was in there at the number that we always expected in terms of the appropriation process.

So that's why you're seeing this ramp on the Flora side. So I think we're in good shape there. Similarly on ship to shore connector, the next tranche of craft was in that number. And so that's we're in the process of getting that added to the contract working with the Navy and sort of real time here. Other programs look money was appropriated in that FY 2025, so it's there.

So we're hoping to understand final resolution here on things like RCV and FQAS later on in the year. But the good news is generally speaking order flow contract activity in systems has been looking pretty good so far.

That's great to hear. And then just a quick follow-up on in aviation, just the latest on Denali. I saw the GE engine certainly certified in February. How is the

I'd say the rest of the program is going very well, Peter. The milestone of getting the engine certified is hugely important to us. As you guys know as we saw delays on that side of the program, we've always continued the flight test program, but in terms of all the formalities we would kind of put other things in front of it like Ascend and some of these Gen 2s on CJ3s and things like that. So we kind of have I would say we have Denali back in the queue here in terms of working through the balance of certification.

And as we've always said the good news is this issue around the engine with the certification was challenging, but the performance has been very, very good. So the aircraft is flying really, really well. We're thrilled with it. And we're sort of back in the queue now with the FAA and we'll be working through the aircraft level certification. Appreciate the details.

Thank you. Our next question comes from David Strauss with Barclays. David, please go ahead.

Scott, you talked about Caltechs, real tariff impact given the localized production. But how do you think about the demand environment for Caltex given what's going on with tariffs?

Yes, David, that's a good question. If there's any risk to a lot of the stuff in general economically it's more snow than tariffs. It is what happens to macro demand. We try not to we don't generally forecast on that. We kind of follow IHS as you know it's one of the only business really where we're not the end market guy.

So I don't have any crystal ball to pontificate on what's going to happen to the global automotive markets. But the Q1 numbers were in line consistent with what we have expected. So far that's true in Q2. But what happens to global automotive demand is I suppose anybody's guess. And we obviously will roll with that one way or the other.

Okay. And Dave, I mean, can you it sounds like industrial margin may be a little bit higher. Can you maybe just walk us through if there are any other moving pieces relative to the original guide, maybe corporate to the corporate is a little bit lower than what you thought for the year, there's anything else we should know?

No. I mean, I think we would still expect corporate expense to normalize through the year, so we'll maintain our guide of $160,000,000 Interest expense will continue to trend up slightly throughout the year as we expected just based on the turnover of our debt at a higher interest rate and we expect a lower cash on hand, which generates interest income. On Industrial, I'd say the sequencing remains the same. We talked about as the year went on, the restructuring impact will continue to take effect and we're starting to see that. So you'll see some sequential growth in the overall industrial number as we go through the rest of the year.

And then as Scott said, a slight benefit as a result of the transaction with Arctic Cat that we announced today.

Okay. Are there any proceeds from the Powersports divestiture? And are you holding on to that aftermarket piece? Or did that go as well?

The aftermarket piece went with the business. And there was some small proceeds that were immaterial that will be in the Q2 results.

Thank you. Our next question comes from Seth Seifman with JPMorgan. Please go ahead, Seth.

Yes. Hey, guys. This is Alex on for Seth. Maybe wanted to kind of ask a follow-up regarding demand that you guys have kind of seen in aviation. I understand you guys kind of pointed to that there hasn't really been any major changes, but maybe to put a finer point on it and kind of address, I guess, the fractionalnet jet sides of things.

I'm curious if you guys kind of have any color you could add on that, whether you've maybe seen any changes in kind of data customer behavior, typically think of them as a little bit more macro sensitive. So curious if you guys could kind of maybe provide some color there.

I guess we don't normally try to provide NetJets guide. I mean, we're still I mean, NetJets is still taking deliveries of aircraft and NetJets is still putting new aircraft on order. So I guess I probably won't give a lot of color as far as the NetJets fractional end market, but certainly order activity continues, deliveries continue. So I don't I wouldn't break that out as a specific item one way or the other.

Okay, Understood. And then maybe as a quick follow-up, maybe if we could get kind of an update on how things are trending more recently in the supply chain with regards to aviation. I know you guys talked about an expected improvement in labor productivity following the strike as well. Is everything there kind of trending towards expectations?

Yes. Would say that we still feel very good about where the supply chain side is at aviation. I think that certainly that's one of the factors driving the improvements in productivity. We don't see nearly as much out of station work. Parts are there so the flow is much cleaner that clearly helps to drive the productivity side.

Our attrition rates are also down. So in terms of training and disruption new people coming in worried about the level of employment that we need execute on the plan. Obviously, there's always a certain amount of hiring going on with retirements and things of that nature. But yes, I would say that the parts situation at Aviation is where we expect it to be. In much, much better shape than it's been in a long time.

There are always as you can imagine supply chain issues that pop up. There always have been issues that pop up periodically. But I'd say at a macro level the supply chain at aviation is in good shape and our workforce situation is in good shape. And that's what I think will help to drive that improvement in both the volume and the productivity efficiencies and therefore margins as we go through the balance of the year.

Thank you. Our next question comes from Myles Walton with Wolfe Research. Myles, please go ahead.

Thanks. Good morning. I'm wondering on systems backlog, it looks like it declined sequentially about in line with your sales. And so maybe Scott, back to Rob's question or maybe it was Peter's question on the demand in the defense complex. What if anything was ordered there?

And did you have any de books that caused the decline?

No, there were no de books guys. I mean, don't usually go into much detail on the systems backlog. It tends to be very lumpy, right, because it aligns with contract awards. So I mean I talked frankly about ship to shore is a good example, right. I mean that was in the CR.

We're in the process of negotiating with the Navy, but that number that won't go into backlog until we've definitized that contract. So it tends to be very lumpy and I wouldn't read anything one way or the other into the Pet Systems backlog.

Okay. On the cash flow statement, could you give some color as to the larger use of cash and operating cash flow from the other category? What was that?

Yes. There are really two components. Some additional inventory build at Aviation that will normalize throughout the year and then just some payment timing at Bell from Q1 to Q2 around some government programs. But nothing really unexpected in either of those. And we will look at on the payment timing with Bell, we'll get those receipts in Q2.

Thank you. Our next question comes from the line of Jason Gersky with Citigroup. Please go ahead, Jason.

I wanted to ask you a quick question about the defense businesses, both at Bell and Navy Systems. We're clearly hearing a lot from DoD that the future is going to include a lot more unmanned autonomous and attributable systems. I'm just kind of curious what you're seeing, both on the demand side and whether there are new programs of record that are being stood up or whether there's increased usage of OTAs and and we've got some nontraditional actors that are coming in and in garnering some some wins, you know, utilizing some products that they've developed that are unmanned, autonomous, and attributable? And kind of how your company is responding to this new vector in demand and what that means for R and D and contract types that you might be working on in the future? Just kind of curious if there's going to be a bit more IRAD here and for fixed price contracts going forward.

Sure. So I guess I would say with respect to unmanned, without a doubt there's a continued focus in that area. Obviously things like FQAS are on the horizon which is all unmanned. I would say that even when you look at platforms like a Flora for instance, you know the Army wants to make sure that that aircraft can be unmanned. Know now that doesn't necessarily mean they're going to fly it as an unmanned aircraft with a you know 12 guys in the back going into a you know an assault insertion but relocations and different missions there might be places where they want that.

So certainly one of the requirements on a new platform like that is that it needs to have the capability to perform autonomously. You may recall, good news is we flew the actual original V-two 80 with safety pilots obviously, but we flew that on autonomous mission many years ago. So ensuring that the capability is in these platforms for either optionally or unmanned capabilities is becoming very, very standard. In terms of other activity that's out there, look we've talked in the past about our high speed VTOL program. I think we're working with the military sort of what are the next steps of that.

So certainly when you look at technology that's still in that DARPAsort of special operations there's activity there which again is very focused unmanned capability whether that's in the CCAs or contested logistics that continue to be a focus and we're participating in that area. So there's no question that unmanned platforms of all types are going to continue to be a focus area. When you look at remote combat vehicle, again there's an area where we've invested for better part of a decade for autonomous land vehicles as well. And of course we have our custody programs and things which we continue to support in unmanned line sweeping. So as a company, we have a lot of different programs everywhere from production to working with the DARPAs of the world on unmanned platform.

So it will be a continued focal point and I think we've we're in a very good place. In terms of contract type, I guess I would say that I continue to see the trend being that when you're in production that the military will lean towards fixed price contracts and frankly we're fine with that. When you have a production product you understand it, you know it. I think it's in everyone's interest to try to drive fixed price contracting. But in most development activity Florida is a good example when you're in the EMD phase, you're largely cost plus.

Most of these other contract types where you're working with earlier development even if it's developmental they're tending to stay to the cost plus or best effort kinds of contracting.

Right. Okay. That's helpful. I'm just kind

of as a follow-up, one of the things you didn't mention there is a tradable systems. I'm just kind of curious on the munitions side or, know, a treatable mass seems to be a phrase that we hear quite a bit coming out of DOD these days. I'm just from a product perspective, what does that mean to you? And is it an area that's of interest to you?

Well, we have some areas in the classified space and IRAD space that are looking at attributable, I guess most of the stuff for sure that I just mentioned are sort of platforms or derivations of platforms that are certainly much higher dollar value. So those would not fall into a desire for those to be attributable. But that's not been our historical focus, but for sure there are some smaller programs that we're executing that would be more along that attributable line.

Textron (TXT) Q1 2025 Earnings Call Transcript

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