Textron Reports Continued Shrinkage of Finance Assets
Textron reported that its finance segment third-quarter and year-to-date
revenues were $64 million and $180 million, respectively up from $32 million and $91 million in the same periods in 2011. Third-quarter and year-to-date finance segment profit of $28 million and $62 million, respectively compared to losses of $24 million and $101 million for the same periods last year.
Textron noted that its finance group assets at third-quarter end were $2.4 billion, down from $3.2 billion at year-end 2011. In his comments on third quarter results, Textron chairman and CEO Scott C. Donnelly noted that third quarter results included “favorable liquidation activity in our finance portfolio.”
Textron also reported that revenues at Cessna increased $7 million as higher used aircraft sales more than offset a decline in new Citation jet deliveries. Cessna delivered 41 new Citations in the third quarter this year, down from 47 units in last year’s third quarter.
Textron said that Cessna backlog at the end of the third quarter was $1.3 billion, down $196 million from the second quarter of 2012.
To read Textron’s news release, click here.