Bell revenues cross $1bn mark in Q4 with 91 commercial heli deliveries


Filings by Textron showed revenues from Bell helicopters segment rose to $1.1bn in the fourth quarter (Q4) of 2023, up 31% year-on-year from $0.82bn in the same period last year as helicopter deliveries in the quarter rose to 91 compared with 71 in Q4 2023.

Bell’s quarterly profits soared by $55m to $118m during the quarter, driven by higher volume and mix of $39m.

The company’s backlog at the end of the fourth quarter was $4.8bn.

On a cumulative basis, Bell’s revenues in 2023 clocked in at $3.1bn, flat compared to $3.1bn in 2022. However, the segment’s profit margin improved to 10.2% in 2023 from 9.1% in 2022 despite full-year helicopter deliveries falling to 171 compared to 179 in 2022.

The company said the growth in Bell revenues was driven by increased deliveries and higher military revenues of $84m related to the Future Long-Range Assault Aircraft (FLRAA) programme.

Overall, Textron’s fourth quarter 2023 income from operations clocked in at $1.01 per share, as compared with $1.07 per share in the fourth quarter of 2022. Operating margins witnessed slight erosion during the fourth quarter on account of $126m charges resulting from the implementation of restructuring plan.

“2023 was a strong year at Textron with solid revenue and profit growth along with segment profit margin expansion,” said Scott C. Donnelly, chairman and CEO, Textron. “At Aviation, we saw continued backlog growth and, at Bell, the team began executing on our transformational FLRAA programme.”

The company is eyeing 9.5-10.5% growth to $3.5bn in Bell revenues during 2024.

“We think the better than expected guidance for 2024 is likely to be the focal point for Textron today. We had anticipated a step down in Bell margins this year largely due to mix, but the company’s projection is better than we had expected,” said Robert Stallard of Vertical Research Partners in his earnings analysis.


  • Bell revenues were $1.1bn, up $255m from last year’s fourth quarter.
  • The company made 91 commercial helicopter deliveries in the fourth quarter, up from 71 last year.
  • Segment profit of $118m was up $55m from a year ago, primarily driven by higher volume and mix of $39m.
  • Bell backlog at the end of the fourth quarter was $4.8bn.
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