Bell records 35% jump in first quarter revenues

Bell appoints JGAS as its new 505 authorised reseller in Japan.

Textron’s helicopter segment Bell witnessed stellar first quarter revenue growth of 35% year-over-year to $983m compared with $727m; owing to higher volume and mix.

The company delivered 29 commercial helicopters in the quarter, up from 18 in last year’s first quarter.

“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-22 aircraft. This award extends production through 2027,” said Textron chairman and CEO Scott C. Donnelly in the earnings announcement.

“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.”

The better topline translated into a $10m increase in segment’s profit reaching $90m during the quarter under review.

Bell’s backlog at the end of the first quarter was $7.1bn.

Commenting on future demand for Bell, CEO Donnelly said that the company continues to expect solid demand during the upcoming quarters.  “It’s across pretty much all of our models, all of our product lines, everything from the 505 up through the 412s …  We just, at Verticon, signed a deal with Omni to get 525 out into their routes to route proving,” he said.

“So I would say pretty much across the board, whether it’s paramilitary, border patrol, medical, oil and gas, we’re seeing strong demand across pretty much all of the helicopter product lines.”

Overall, Textron’s total revenue in the quarter clocked in at $3.3bn – with major growth from its Bell segment. The company’s net income during the quarter was down $6m to $207m from $201m in the same period last year owing to lower segment profits from the systems and industrial segments.

This translated into earnings of $1.28 per share compared to $1.20 per share in last year’s first quarter.