Textron Inc. (NYSE: TXT), Providence, RI, reported fourth-quarter sales of $3.3 billion, an increase of 4.1 percent over the same period a year ago. Manufacturing revenues increased 4.6 percent. The company recorded a loss of $19 million for the quarter, compared to a year-ago profit of $60 million.
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Full-year sales were $11.3 billion, up 7.1 percent over sales in 2010. Manufacturing sales were up 8.4 percent. Textron recorded a profit of $242 million for the year, compared with $86 million a year ago.
Industrial revenues increased $70 million, primarily due to higher overall volumes. Segment profit increased $24 million reflecting improved performance and the higher volume.
Cessna segment sales increased $51 million, reflecting the delivery of 67 new Citation jets in the quarter, compared with 79 in last year’s fourth quarter, more than offset by higher volumes of used jets, single engine aircraft and Caravans. Segment profit increased $37 million primarily due to favorable performance, higher non-jet volume and a beneficial mix of jets.
Bell segment sales increased $35 million in the fourth quarter from the same period in the prior year. Segment profit increased $29 million, reflecting improved performance.
Revenues at Textron Systems decreased $14 million. Segment profit decreased $63 million, primarily due to intangible asset impairment and severance charges.
Finance segment revenues decreased $15 million compared to the fourth quarter of 2010, primarily due to reduced earnings on lower finance receivables. Finance segment loss increased $175 million, primarily the result of the Golf Mortgage portfolio mark-to-market adjustment.
