Second quarter earnings reports from two key private jet makers show that demand remains strong and supply is still a challenge. Both Textron, the parent company of Cessna, Beechcraft and Bell, as well as General Dynamics, parent of Gulfstream Aerospace show increasing earnings per share, year to year, for the second quarter of 2022.
Starting with Textron, earnings per share were $1.00, up $0.19 from the second quarter of 2021. The company’s aircraft backlog now stands at $5.8 billion, up $708 million from the first quarter of 2022.
“We saw another solid quarter of earnings and cash generation in the second quarter,” said Textron Chairman and CEO Scott C. Donnelly. “At aviation, we saw continued growth, strong execution and ongoing order momentum.”
Textron reiterated its full-year earnings per share expectation of $3.80 to $4.00. Textron now expects 2022 cash flow from continuing operations of the manufacturing group before pension contributions to be in a range of $800 to $900 million, up $100 million from the previous outlook.
Revenues at Textron Aviation of $1.3 billion for the second quarter were up $123 million, largely due to higher aircraft and aftermarket volume, Textron said in a statement.
Textron 48 jets in the quarter, up from 44 last year, and 35 commercial turboprops, up from 33 in last year’s second quarter.
Segment profit was $155 million in the second quarter, up $59 million from a year ago.
Bell Helicopter revenue was $687 million, down $204 million from last year, due to lower military revenues of $170 million, primarily related to the H-1 program, and lower commercial revenues of $34 million.
Bell delivered 34 commercial helicopters in the quarter, down from 47 last year. Bell backlog at the end of the second quarter was $5.3 billion.
Textron eAviation segment revenue was $5 million in the second quarter of 2022 and segment loss was $8 million. in the quarter.
General Dynamics reported net earnings of $766 million on revenue of $9.2 billion. The diluted earnings per share of $2.75 are up 5.4% from the second quarter of 2021.
“Demand in the quarter was very strong in Aerospace, with margins showing steady improvement year over year,” said Phebe N. Novakovic, chairman and CEO. “Our defense segments demonstrated solid operating performance and had several important wins.”
Gulfstream delivered 22 jets, up from 21 for the second quarter of 2021. Gulfstream sales were at $1.86 billion, a year-to-year increase of $240 million, while overall revenue dropped slightly from $9.22 billion in the second quarter of last year to $9.19 billion this year.
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