Textron Aviation Reports Revenue of $77 Million in First Quarter

May 01--REVENUE AT TEXTRON AVIATION -- the combined Cessna Aircraft and Beechcraft Corp. -- totaled $77 million for the first three months of 2014, reflecting the impact of Textron's acquisition of Beechcraft, higher jet deliveries and higher aftermarket sales, Textron reports Thursday.

The revenue was partially offset by a reduction in used aircraft sales and in fractional ownership company CitationAir, the company said.

In March, Cessna parent company Textron closed the deal to purchase Beechcraft and has been integrating Cessna and Beechcraft into Textron Aviation.

Textron Aviation recorded a profit of $14 million for the first quarter, compared to a loss of $8 million a year ago. That was largely due to higher pricing for planes and higher jet and Caravan volumes.

Textron Aviation recorded revenue of $785 million during the first three months of the year, up from $708 million for the same time a year ago.

The company delivered eight Beechcraft King Air turboprops and 35 new Cessna jets in the quarter, up from 32 jets for the same time a year ago.

Textron Aviation's backlog at the end of the first quarter totaled $1.5 billion, compared to $1 billion at the end of 2013. The backlog included $534 million of Beechcraft's backlog.

For Textron, the company recorded $2.85 billion for the quarter, down slightly from $2.855 billion. Net income totaled $85 million, down from $119 million a year ago.

Reach Molly McMillin at 316-269-6708 or mmcmillin@wichitaeagle.com. Follow her on Twitter: @mmcmillin.

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