Textron Aviation reported third-quarter 2024 financial results, reporting net income of $223 million, down approximately 1,29% from the same period last year.
Total revenues were $1,3 billion, virtually unchanged from the previous year. The recent strike that the manufacturer recently faced negatively affected collections by about $7,53 million and segment profit by approximately $50 million.
In the executive aviation segment, 41 jets were delivered, compared to 39 in the previous year, and 25 commercial turboprops, down from 38 in the same period in 2023.
“The labor disruption negatively impacted our third-quarter results and we expect it to have an adverse effect on our fourth-quarter financials,” said Scott C. Donnelly, president and CEO of Textron Aviation.
The company expects the strike and the resumption of production and delivery activities to negatively affect the segment's revenue and profit in the fourth quarter as well.
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