Textron Inc. (NYSE:TXT) Q3 2024 Earnings Conference Call October 24, 2024 8:00 AM ET

Company Participants

David Rosenberg - Vice President, Investor Relations
Scott Donnelly - Chairman & Chief Executive Officer
Frank Connor - Chief Financial Officer

Conference Call Participants

David Strauss - Barclays
Sheila Kahyaoglu - Jefferies
Robert Stallard - Vertical Research
Peter Arment - Baird
Noah Poponak - Goldman Sachs
Myles Walton - Wolfe Research
Seth Seifman - JPMorgan
Doug Harned - Bernstein
Jason Gursky - Citi
Gavin Parsons - UBS
Pete Skibitski - Alembic

Operator

Welcome to the Textron Third Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions]

This conference is being recorded for digitized replay and will be available after 10 AM Eastern Time today running through October 24, 2025. You may access the replay by dialing 866-207-1041 and entering the access code of 148-0019.

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

David Rosenberg

Thanks, Kiely, 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 $3.4 billion, up from $3.3 billion in last year's third quarter. During this year's third quarter, adjusted income from continuing operations was $1.40 per share compared to $1.49 per share in last year's third quarter. Manufacturing cash flow before pension contributions totaled $147 million in the quarter compared to $205 million in the third quarter of 2023.

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

Scott Donnelly

Thanks, David, and good morning, everyone.

During the quarter, Aviation experienced a strike on the expiration of its existing labor agreement with the IAM. Work stoppage caused disruption to our aircraft production and service in our Wichita facilities. On October 20, the IAM ratified a new five-year contract ending a four-week strike. As employees return to work and production and delivery activities recover, resulting disruptions will impact our 2024 financial results.