Jessica Reed is a writer and editor with AIN. She joined the team in the fall of 2023 after two years covering the aviation industry at Avionics International. She earned her bachelor&#039;s degree in English (Writing &amp; Rhetoric) from Pepperdine University. Her hometown is St. Louis, Missouri, and she since has resided in Santa Barbara, California, and Brooklyn, New York, among others. She is currently based in Vernon, New Jersey.

Writer & Editor

Jessica Reed

Latest news about Textron's eAviation division.

Textron Aviation reported strong financial results during its second-quarter earnings call this morning, with revenues in the three months up 8% year over year, to $1.5 billion. This was driven by higher pricing of $57 million and a favorable volume mix of $56 million. Segment profit was $195 million, up $24 million from a year ago.
The Wichita-based aircraft manufacturer delivered 42 jets in the quarter, a slight decrease from 44 in the same period a year ago.&nbsp;It handed over five Citation M2 Gen2s, eight CJ3+s, eight CJ4 Gen2s, five XLS+ Gen2s, eight Latitudes, and eight Longitudes in the quarter. This compares to four M2 Gen2s, six CJ3+s, six CJ4 Gen2s, two XLS+ Gen2s, 13 Latitudes, and five Longitudes in second-quarter 2023.
Turboprop deliveries showed mixed results. Textron Aviation delivered 22 Caravans in the quarter, down one unit from the same period last year. Only one SkyCourier was shipped in the quarter, five fewer than in the same three-month period last year. The company also handed over 10 King Air 260s and 11 King Air 360s, up from six and four, respectively, last year.
Scott Donnelly, chairman and CEO of parent company Textron, remarked during the company’s earnings call, “We continued to execute on key programs, including the Citation Ascend.”
Net cash provided by operating activities of the manufacturing group for the second quarter was $383 million, compared to $314 million last year. The company’s backlog at the end of the second quarter was $7.5 billion.
Meanwhile, Textron's eAviation segment reported revenues of $9 million and a loss of $18 million, compared with a segment loss of $12 million in the second quarter of 2023. This was largely attributed to increased research and development expenses aimed at advancing Textron’s position in the electric aviation market. During the quarter, Textron eAviation acquired <a href="https://www.ainonline.com/aviation-news/futureflight/2024-05-15/textron-eaviation-acquires-german-engineering-firm">Amazilia Aerospace</a>, a developer of digital flight control, flight guidance, and vehicle management systems for civil crewed and uncrewed aircraft.
Donnelly commented on the supply chain challenges, noting, “There are still parts from suppliers that continue to give us some heartache with late deliveries and that does create some issues around flow in the factory. But we’ve been managing through that, and despite the tough environment, the business is performing well.”
In terms of new product developments, Textron Aviation achieved significant milestones in the second quarter. The company certified a third variant of the Cessna SkyCourier, the Combi version, which allows operators to transport passengers and cargo simultaneously. “Combined with the previously certified passenger and cargo variants, this latest variant continues to demonstrate the versatility of the aircraft to our customers,” Donnelly said. Additionally, the team completed the first flight of the <a href="https://www.ainonline.com/aviation-news/business-aviation/2024-06-14/second-citation-ascend-test-article-takes-flight">Cessna Citation Ascend</a>, marking a critical milestone for the program, with over 400 hours of flight testing completed to date.
Donnelly also noted, “We're seeing strong demand in jets and turboprops across all models and the whole family of products. We expect continued strength in new launches like the Ascend.”
Looking ahead, he remains optimistic: “We are still expecting to have higher unit deliveries in 2024 than in 2023. We're a little behind where we would like to be on a couple of these models. Latitude is one in particular where we had a few deliveries towards the end of the quarter that we didn't get out; they've now gone.”
“The market is strong, and our backlog supports robust demand. We feel good about our performance and expect to see continued growth and efficiency improvements in the coming quarters.”

Issues regarding financing of aircraft; aviation insurance; tax issues for aircraft operators; new companies and people in the aviation financing and insurance industries.

2Q Revenue, Profits Grow at Textron Aviation despite Flat Jet Shipments

Company delivered 42 jets, 22 Caravans, and 21 King Airs in the quarter

Textron Aviation reported strong Q2 results, with increased jet deliveries, improved financial performance, and significant milestones in product development.

2024 Corporate Aviation Leadership Summit

Charles Alcock

News and developments about airplanes, helicopters and unmanned air vehicles used in all varieties of operations, including airlines, military, business, commercial, general aviation and private.

Company says it is still building Lilium Jet prototypes and plans to start test flights

KPMG Starts M&A Process to Find New Backers For Lilium's eVTOL Aircraft

Qatar Investment Authority leads oversubscribed Series C funding round

Beta Raises $318 Million as eVTOL Aircraft Production Starts

Vertical Aerospace is also facing a liquidity crunch as major shareholder demands funding Plan B

Lilium Scrambles for Funds as Nasdaq Delisting Looms

News and issues concerning the aviation charter and fractional-ownership industries and markets, including company announcements, regulations, new developments and labor issues.

News about bills, laws, regulations and other governmental decisions affecting aviation and aerospace. Topics include FAA re-authorizations, taxes on fuel and aviation activities, environmental legislation, ICAO decisions, governmental mediation of labor conflicts and World Trade Organization disputes and decisions.

News and issues relating to business, corporate and private aviation, primarily regarding turbine-engine-powered airplanes and helicopters. Subjects include aircraft, engines, maintenance, operations, personnel, acquisitions, accidents, safety, security, and training.

In this article

Textron Aviation

Textron eAviation

More In Finance, Taxes, Insurance

KPMG Starts M&A Process to Find New Backers For Lilium's eVTOL Aircraft

Company says it is still building Lilium Jet prototypes and plans to start test flights

Beta Raises $318 Million as eVTOL Aircraft Production Starts

Qatar Investment Authority leads oversubscribed Series C funding round

Lilium Scrambles for Funds as Nasdaq Delisting Looms

Vertical Aerospace is also facing a liquidity crunch as major shareholder demands funding Plan B

UK Plans 50% Tax Hike For Business Jet Charter Passengers

Industry concerned over possible extension of air passenger duty to more business aircraft

Jet Out Launches CJ4 Co-lease Program, Cost Calculator

Streamlines leasing options for businesses and individuals

Portside Agrees To Buy Collins Flight Operations System

Deal is expected to close in the fourth quarter

Lilium Set To File For Insolvency Protection to Salvage eVTOL Aircraft

Move comes one week after the German parliament blocked a loan guarantee application

Global Jet Capital Marks 10 Years in Bizcraft Financing

GJC exceeded $4 billion in aircraft financing originations since 2014

AIN Products

SUBSCRIPTIONS

RESOURCES

ABOUT AIN