Textron (NYSE: TXT) reported Q1 EPS of $0.70, $0.23 better than the analyst estimate of $0.47. Revenue for the quarter came in at $2.88 billion versus the consensus estimate of $2.73 billion.

• EPS of $0.75; adjusted EPS of $0.70
• Operating margin of 8.9%, up from 5.6% a year ago
• Revenue up $102 million, or 3.7% from prior year
• Net cash from operating activities of $107 million, up $500 million from prior year
• Aviation backlog $2.1 billion, up $452 million from year-end 2020
• Full-year adjusted EPS outlook raised by $0.10

“Revenues were higher in the quarter primarily driven by higher volumes at Industrial and Bell, with solid margin performance across all our segments,” said Textron Chairman and CEO Scott C. Donnelly. “We also saw improving commercial aircraft demand at both Aviation and Bell in the quarter.”

GUIDANCE:

Textron sees FY2021 EPS of $2.80-$3.00, versus the consensus of $2.81.

Textron now expects 2021 earnings per share from continuing operations to be in a range of $2.76 to $3.00, or $2.80 to $3.00 on an adjusted basis, up $0.10 from our previous outlook. Textron reiterated its expectation for cash flow from continuing operations of the manufacturing group before pension contributions of $600 to $700 million with planned pension contributions of about $50 million.

Donnelly continued, “With a strong start to the year, we expect to see continuing improvements in commercial demand across our end-markets.”

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