Textron Stock Price, News & Analysis

Textron Inc. (NYSE: TXT) reported first quarter 2022 net income of $0.88 per share, an increase from $0.75 per share in Q1 2021, highlighting a positive trend in revenues and cash generation. The company's Aviation backlog surged to $5.1 billion, up $1.0 billion year-on-year, underpinned by strong order momentum. Cash from operating activities reached $225 million, a significant rise of $118 million compared to the previous year. Textron returned $157 million to shareholders through share repurchases in the quarter.

The Board of Directors of Textron (NYSE: TXT) has declared a quarterly dividend of $0.02 per share on its Common Stock. This dividend will be disbursed on July 1, 2022, to shareholders on record as of the close of business on June 10, 2022. Known for its diverse industrial portfolio, Textron operates brands like Bell and Cessna, leveraging its global presence to offer innovative solutions across various sectors.

Textron (NYSE: TXT) has completed its acquisition of Pipistrel, a leader in electrically powered aircraft, for approximately €218 million. Pipistrel is known for the Velis Electro, the first electric aircraft fully certified by EASA. The acquisition allows Textron to enhance its eAviation segment and accelerate development of sustainable aviation solutions. Pipistrel will remain a distinct brand, with its operations in Slovenia and Italy continuing as is. Founder Ivo Boscarol retains a minority stake and will advise on product strategy for two years.

Textron Aviation has signed a purchase agreement with flyExclusive for up to 30 Cessna Citation CJ3+ jets, with five expected to deliver in 2023 and additional options through 2025. This order enhances flyExclusive's private jet offerings and supports its growth strategy, positioning it as a major player in the fractional ownership market. The Citation CJ3+ boasts advanced avionics, in-flight WiFi, a range of 2,040 nautical miles, and is designed for efficiency, burning 10% less fuel than competitors.

Textron Inc. (NYSE: TXT) will announce its first quarter 2022 financial results on April 28, 2022, at 8:00 a.m. Eastern. A conference call is scheduled to discuss these results, accessible via webcast or direct dial. It will also be available for playback starting at 11:00 a.m. on the same day. Textron is a multi-industry company known for its diverse brands in aircraft, defense, industrial, and finance sectors. For more details, visit www.textron.com.

Textron Inc. (NYSE: TXT) has signed an agreement to acquire Pipistrel, a leader in electric aircraft based in Slovenia and Italy. The acquisition aims to enhance Textron's capabilities in sustainable aviation and will establish a new segment called Textron eAviation. This move is expected to accelerate the development of electric and hybrid aircraft, leveraging Pipistrel’s expertise and resources. The deal is set to close in Q2 2022, pending regulatory approval. Pipistrel's founder will remain involved as a minority shareholder and advisor.

Textron Aviation has received FAA type certification for its new Cessna SkyCourier, a twin-engine, large-utility turboprop designed for cargo and passenger transport. The SkyCourier, featuring advanced manufacturing processes, is set to enter the market with launch customer FedEx Express, which has placed a fleet order for 50 aircraft with options for an additional 50. The aircraft offers low operating costs and is equipped with advanced avionics, allowing for significant cargo capacity and operational efficiency.

Textron Inc. (NYSE: TXT) has appointed Richard F. Ambrose to its Board of Directors, effective April 1, 2022. Ambrose brings over 20 years of experience from Lockheed Martin, where he managed a $12 billion enterprise with around 22,000 employees. His roles included President of Lockheed Martin Space and General Manager of various divisions. Textron's Chairman and CEO, Scott Donnelly, expressed confidence that Ambrose's expertise in the aerospace and defense sectors will be invaluable for the company.