TEXTRON INC Reports Q2 FY2023 Earnings Results on July 27th
August 15, 2023
🌥️Earnings Overview
On July 27 2023, TEXTRON INC ($NYSE:TXT) released its earnings results for the second quarter of fiscal year 2023, which ended on June 30 2023. The company experienced a 104.4% increase in total revenue compared to the same quarter of the previous year, amounting to USD 6448.0 million. Net income in the same quarter rose by 109.2%, reaching USD 454.0 million.
Stock Price
On Thursday, July 27th, TEXTRON INC reported its second quarter earnings results for FY2023. The company opened at $72.5 and closed at $76.5, soaring by 11.9% from the prior closing price of 68.4. This marks the highest one-day close for the company’s stock in almost seven years. The reported earnings surpassed analysts’ expectations and demonstrated significant growth from the same quarter last year.
The increase in revenue and EPS can be attributed to robust performances from the company’s industrial and aviation segments. Overall, these earnings results demonstrate the strength and resilience of TEXTRON INC in the current environment. With strong growth in both its industrial and aviation segments, the company is well-positioned to continue delivering improved performance in the near future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Textron Inc. More…
| Total Revenues | Net Income | Net Margin |
| 13.16k | 905 | 6.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Textron Inc. More…
| Operations | Investing | Financing |
| 1.33k | -329 | -1.1k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Textron Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 16.48k | 9.45k | 35.51 |
Key Ratios Snapshot
Some of the financial key ratios for Textron Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 1.6% | 11.7% | 8.8% |
| FCF Margin | ROE | ROA |
| 7.2% | 10.3% | 4.4% |
Analysis
At GoodWhale, we recently performed an analysis of TEXTRON INC‘s wellbeing, and used our Star Chart to present our findings. Our Star Chart shows that TEXTRON INC is strong in dividend, medium in asset, profitability and weak in growth. Additionally, we gave TEXTRON INC a health score of 8/10. This is because it is capable of paying off debt and funding future operations due to its strong cashflows and contractions in debt. We also classified TEXTRON INC as a ‘rhino’, which is a type of company that has achieved moderate revenue or earnings growth. Investors interested in these types of companies may look to TEXTRON INC as a potential option. Furthermore, the company’s strong dividend performance could be attractive to dividend-seeking investors. More…
Peers
The competition between Textron Inc and its competitors is intense. Each company is vying for market share and customer loyalty. They are all fighting for the same thing: to be the best in the industry. This competition is good for the consumer because it drives innovation and efficiency. It also keeps prices down.
– Optex Systems Holdings Inc ($OTCPK:OPXS)
Optex Systems Holdings Inc is a publicly traded company that designs, manufactures, and sells optical sighting and surveillance products for military, law enforcement, and commercial applications. The company has a market capitalization of $18.39 million and a return on equity of 2.52%. Optex Systems’ products include red dot sights, night vision sights, thermal imaging sights, and laser aiming devices. The company’s products are used by the US military, NATO, and other allied forces around the world.
– General Dynamics Corp ($NYSE:GD)
General Dynamics Corporation is an American aerospace and defense conglomerate formed by mergers and divestitures. It is the world’s fifth-largest defense contractor, according to Defense News’ 2019 ranking, and the sixth-largest by revenue. The company ranked No. 98 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. It is headquartered in Reston, Virginia.
General Dynamics’ main business units are Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. The company has eight major business segments: Aerospace, Combat Systems, Information Technology, Mission Systems, Marine Systems, GD Electric Boat, General Dynamics Ordnance and Tactical Systems, and Gulfstream Aerospace.
General Dynamics Corporation is an American aerospace and defense conglomerate formed by mergers and divestitures. It is the world’s fifth-largest defense contractor, according to Defense News’ 2019 ranking, and the sixth-largest by revenue. The company ranked No. 98 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. It is headquartered in Reston, Virginia.
General Dynamics’ main business units are Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. The company has eight major business segments: Aerospace, Combat Systems, Information Technology, Mission Systems, Marine Systems, GD Electric Boat, General Dynamics Ordnance and Tactical Systems, and Gulfstream Aerospace.
General Dynamics Corporation is an American aerospace and defense conglomerate formed by mergers and divestitures. It is the world’s fifth-largest defense contractor, according to Defense News’ 2019 ranking, and the sixth-largest by revenue. The company ranked No. 98 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. It is headquartered in Reston, Virginia.
General Dynamics’ main business units are Aerospace, Combat Systems, Information Technology, Mission Systems, and Marine Systems. The company has eight major business segments: Aerospace, Combat Systems, Information Technology, Mission Systems, Marine Systems, GD Electric Boat, General Dynamics Ordnance and Tactical Systems, and Gulfstream Aerospace.
– Hexcel Corp ($NYSE:HXL)
Hexcel Corporation is a leading advanced composites company. They develop, manufacture and market lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures, used in commercial aerospace, space and defense, and industrial applications.
Hexcel’s market cap is 4.72B as of 2022. The company has a Return on Equity of 6.26%.
Hexcel Corporation is a leading provider of advanced composites materials. The company develops, manufactures and markets lightweight, high-performance structural materials, including carbon fibers, reinforcements, prepregs, honeycomb, matrix systems, adhesives and composite structures. Hexcel’s composites are used in commercial aerospace, space and defense, and industrial applications.
Summary
TEXTRON INC reported strong second quarter financial results for the fiscal year 2023, ended June 30 2023. Total revenue was USD 6448.0 million, up 104.4% year-on-year, and net income was USD 454.0 million, a 109.2% increase from the same period the previous year. The company’s stock price reacted positively to the news, increasing on the same day.
For investors, this signals a strong performance for TEXTRON INC and suggests it is a good time to invest in the company. The company has significant potential for growth, and could be a great long-term strategy to generate returns.
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