The first-quarter aircraft delivery report released by Textron Aviation showed mixed performance, with jet deliveries remaining steady, while turboprop deliveries went down noticeably. Wichita-based aircraft maker announced that it delivered 36 Citation jets, a bit higher compared to last year, but recorded turboprop shipment decrease to 20 from 34.
Those deliveries of jets included four M2s, six CJ3+s, six CJ4 Gen2s, two XLS+s, 13 Latitudes and five Longitudes. A marked change included Latitude deliveries rising from seven to 13 while XLS+ deliveries fell from five to two.
Turboprops did not fare as well: Caravan turboprop singles delivered at a rate of 12 versus 19 in the same period last year. Twin-turboprop King Airs dropped from 12 to seven. Deliveries of the recently introduced SkyCourier twin also slowed to one in this year’s first quarter from three in 2023’s first quarter.
Despite mixed delivery performance, Textron Aviation revenue swelled to $1.2 billion, $39 million higher than it was a year ago, with $48 million from strategic price increases.
Frank Connor, CFO at parent company Textron Inc., added that segment profit grew to $143 million, up $18 million from last year due mainly to effective pricing that “outpaced inflation.”.
Looking ahead, Scott Donnelly, president and CEO of Textron, was bullish on 2024, anticipating further growth in aircraft deliveries along with gains in supply chain efficiencies. He hedged that disciplined pricing would be required to offset the impact of inflation across the year.
Backlog at Textron Aviation rose to $7.3 billion, up $177 million, representing solid future demand.
Its Textron’s eAviation segment was the weakest link, with losses more than doubling to $18 million amid increased research and development. The company finally saw some progress in the segment after the FAA exemption allowed flight training using the Velis Electro, which should see the prospect of increased sales and training hours going forward in the U.S.
The continuation of the tests is likely to continue in the last quarter of this year and, at the same time, an investment level stabilization of the eAviation programs,” Donnelly added, optimistic.
Mixed performance across the first quarter reflects Textron Aviation’s dynamic nature as it works its balance between advancements in traditional and electric aircraft under shifting market conditions.