Textron Reports Second Quarter 2020 Results
- Cash flow from operations of $245 million
- Bell revenue up 7% from prior year, operating margin of 14.4%
- Textron Systems revenue up 6% from prior year, operating margin of 11.3%
- Restarted manufacturing operations at Aviation and Industrial segments
PROVIDENCE, R.I. — (BUSINESS WIRE) — July 30, 2020 — Textron Inc. (NYSE: TXT) today reported second quarter 2020 net loss of $0.40 per share, compared to income of $0.93 per share in the second quarter of 2019. Adjusted net income, a non-GAAP measure, was $0.13 per share for the second quarter of 2020. 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 non-cash inventory valuation charge of $55 million ($0.24 per share, after-tax) as we ceased manufacturing at our TRU Simulation + Training Montreal facility.
“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. “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...