Textron Inc. (TXT) Q1 2023 Earnings Call Transcript

Textron Inc. (NYSE:TXT) Q1 2023 Earnings Conference Call April 27, 2023 8:00 AM ET

Corporate Participants

Eric Salander - Vice President, Investor Relations

Scott Donnelly - Chairman and Chief Executive Officer

Frank Connor - Chief Financial Officer

Conference Call Participants

Sheila Kahyaoglu - Jefferies

Douglas Harned - Bernstein

Seth Seifman - JPMorgan

Cai Von Rumohr - Cowen

Robert Stallard - Vertical Research

David Strauss - Barclays

George Shapiro - Shapiro Research

Pete Skibitski - Alembic Global

Kristine Liwag - Morgan Stanley

Ronald Epstein - Bank of America

Operator

Thank you for standing by and welcome to the Q1 2023 Textron Earnings Release Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, today's conference is being recorded.

I would now like to turn the conference over to your host Mr. Eric Salander, Vice President of Investor Relations. Please go ahead, sir.

Eric Salander

Thanks, Bradley, and good morning, everyone. Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release.

On the call today, we have Scott Donnelly, Textron's Chairman and CEO; and Frank Connor, our Chief Financial Officer. Our earnings call presentation can be found in the Investor Relations section of our website.

Revenues in the quarter were $3 billion, up $23 million from last year's first quarter. Segment profit in the quarter was $259 million, down $18 million from the first quarter of 2022. During this year's first quarter, we reported net income of $0.92 per share.

Adjusted net income, a non-GAAP measure, was $1.05 per share compared to $0.97 per share in last year's first quarter. Manufacturing cash flow before pension contributions, a non-GAAP measure, totaled $104 million in the quarter compared to $209 million in the first quarter of 2022.

With that, I'll turn the call over to Scott.

Scott Donnelly

Thanks, Eric, and good morning, everyone. We had a solid first quarter. Revenues up Aviation, Industrial and Systems largely offset by lower revenues at Bell, consistent with our expectations. At Aviation in the quarter, we delivered 35 jets, down from 39 last year and 34 commercial turboprops, up from 31 in last year's first quarter. Aviation continued to see solid demand across jet and turboprop products. Backlog grew $136 million and in the first quarter at $6.5 billion.