18 Apr 12. Textron Inc. (NYSE: TXT – News) reported first quarter 2012 income from continuing operations of $0.41 per share, compared to income of $0.10 per share in the first quarter of 2011. Total revenues in the quarter were $2.9bn, up 15.2% from the first quarter of 2011. Manufacturing segment profit was $247m, up $80m from the first quarter of 2011. First quarter 2012 manufacturing cash flow before pension contributions reflected a use of cash of $106m compared to a use of cash of $55m during the first quarter of 2011. The company contributed $144 m to its pension plans during the first quarter. Textron confirmed its guidance of 2012 revenues of approximately $12.5bn, earnings per share from continuing operations of $1.80 to $2.00, cash flow from continuing operations of the manufacturing group before pension contributions between $700 and $750m, with planned pension contributions of about $200m.
First Quarter Segment Results
Revenues at Cessna increased $113m, reflecting the delivery of 38 new
Citation jets in the quarter, compared with 31 in last year’s first quarter, as well as higher aftermarket volumes. Segment loss of $6m was an improvement of $32m, primarily due to the higher volumes. Cessna backlog at the end of the first quarter was $1.7bn, down $167m from the end of 2011.
Bell revenues increased $245m in the first quarter from the same period in the prior year. Bell delivered 10 V-22’s, 7 H-1’s and 30 commercial aircraft in the quarter compared to 9 V-22’s, 4 H-1’s and 15 commercial units in last year’s first quarter. Segment profit increased $54m, primarily reflecting the higher volume and mix of commercial aircraft. Bell backlog at the end of the first quarter was $7.1bn, down $213m from the end of 2011.
Revenues at Textron Systems decreased $68m and segment profit decreased $18m, primarily due to lower volumes. Textron Systems’ backlog at the end of the first quarter was $1.4bn, up $103m from the end of 2011.
Industrial revenues increased $52m and segment profit increased $12m reflecting higher volume across all businesses.
Finance segment revenues increased $35m compared to the first quarter of
2011. The Finance segment reported a profit of $12m compared to a $44m loss in the first quarter of 2011.
19 Apr 12. Saab’s Results for January-March 2012.
• Order bookings amounted to MSEK 4,000 (5,215) and the order backlog at the end of March 2012 amounted to MSEK 35,657 (40,957).
• Sales increased 2 per cent to MSEK 5,573 (5,452), with a positive impact from acquisitions of 4 per cent.
• Gross income amounted to MSEK 1,574 (1,427), corresponding to a gross margin of 28.2 per cent (26.2).
• Operating income was MSEK 398 (368), corresponding to an operating margin of 7.1 per cent (6.7).
• Net income was MSEK 265 (277), with earnings per share after dilution of SEK 2.56 (2.56).
• Operating cash flow amounted to MSEK -48 (559). The operating cash flow was negative mainly as a result of utilisation of and reduction in advances and milestone payments compared to the same period 2011.
• The outlook for 2012 remains unchanged.
In 2012, we estimate that sales will increase slightly compared to 2011.
The operating margin in 2012, excluding material net capital gains, is expected to be in line with the operating margin in 2011, excluding material net capital gains, of 7.5 per cent.
19 Apr 12. On March 26, 2012 Azure Dynamic Corporation and its operating subsidiaries filed for and obtained protection from its creditors under the Companies’ Creditors Arrangement Act (Canada). The Supreme Court of British Columbia granted the initial order. Pursuant to the Initial Order Ernst & Young Inc. was appointed Monitor of AZD during the CCAA proceedings. In its capacity as foreign representative of AZD, the Monitor sought relief from the US Bankruptcy court pursuant to Chapter 15. The US Bankruptcy court granted a temporary restraining order on March 27, 2012 and a preliminary injunction order