Benzinga | Jul 29, 2021 08:47AM EDT

Textron Q2 Earnings Beat Estimates, Raises FY21 Guidance

* Textron Inc. (NYSE:TXT) reported second-quarter revenue growth of 29.1% year-over-year to $3.19 billion, beating the consensus of $2.92 billion.

* Revenue by segments: Textron Aviation $1.16 billion (+55.4% Y/Y), Bell $891 million (+8.4% Y/Y), Textron Systems $333 million (+2.1% Y/Y) and Industrial $794 million (+41.3% Y/Y).

* Adjusted EPS of $0.81 topped the consensus of $0.65.

* The segment profit increased to $289 million from $81 million a year ago, and the margin expanded by 575 bps to 9.1%.

* Textron generated cash from operating activities of $572 million, compared to $245 million a year ago.

* Backlog at the end of the quarter for Aviation was $2.7 billion, Bell was $4.8 billion, and Textron Systems was $2.3 billion.

* Outlook: Textron expects FY21 EPS from continuing operations of $2.97 - $3.21 or $3.00 - $3.20 on an adjusted basis, up $0.20 from its previous outlook. The analysts' consensus stands at $3.13.

* It also expects cash flow from continuing operations of the manufacturing group before pension contributions of $800 million to $900 million, up $200 million.

* Price Action: TXT shares traded higher by 0.68% at $69.57 in the premarket session on the last check Thursday.