Bell: More military orders boost revenue
Bell has reported second-quarter (Q2) revenues of $822m, up $51m from the same period last year, which it says is mainly due to larger military orders. The 7% revenue increase was announced today (July 30th), as part of Textron Inc.’s Q2 results.
The OEM noted that the increase could have been greater but was partially offset by a lower commercial volume.
Bell delivered 27 commercial helicopters in Q2, down almost half from 53 during the same period in 2019. The report stated segment profit of $118m was up $15m, largely on higher military volume, partially offset by an unfavourable impact from performance largely due to Covid-19. Bell’s backlog at the end of the second quarter was $5.8bn.
Overall, Textron Inc. reported a second quarter net loss of $0.40 per share, compared with income of $0.93 per share in the second quarter of 2019. Adjusted net income, a non-GAAP (Generally Accepted Accounting Principles) measure, was $0.13 per share for the second quarter of 2020.
“Our defence 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 quarter.”