Textron Inc. (NYSE:TXT) Q2 2024 Earnings Conference Call July 18, 2024 8:00 AM ET

Company Participants

David Rosenberg - VP, IR
Scott Donnelly - Chairman, President & CEO
Frank Connor - EVP & CFO

Conference Call Participants

Peter Arment - Baird
David Strauss - Barclays
Sheila Kahyaoglu - Jefferies
Myles Walton - Wolfe Research
Doug Harned - Bernstein
Seth Seifman - JPMorgan
Noah Poponak - Goldman Sachs
Cai von Rumohr - TD Cowen
Ronald Epstein - Bank of America
Kristine Liwag - Morgan Stanley
George Shapiro - Shapiro Research
Peter Skibitski - Alembic Global
Gavin Parsons - UBS

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Textron Second Quarter 2024 Earnings Release Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Vice President, Investor Relations, Mr. David Rosenberg. Please go ahead.

David Rosenberg

Thanks, Greg, 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 $3.5 billion, up from $3.4 billion in last year's second quarter. During this year's second quarter, adjusted income from continuing operations was $1.54 per share, compared to $1.46 per share in last year's second quarter. Manufacturing cash flow before pension contributions totaled $320 million in the quarter, compared to $242 million in the second quarter of 2023.

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

Scott Donnelly

Thanks, David, and good morning, everyone. Aviation has higher segment revenues of $1.5 billion, generating a profit of $195 million, up $24 million from the second quarter of 2023. We delivered 44 commercial turboprops, up from 37 last year and 42 jets down from 44 in last year's second quarter, while aftermarket revenues grew 13%.

Aviation continued to see strong demand across all product lines. Backlog ended the quarter at $7.5 billion, up $118 million from the first quarter of this year. In the quarter, Aviation began deliveries of the King Air 260 under the multi-engine training systems contract for the US Navy. To-date, we've been awarded 35 aircraft to a possible 64 on the program.