Textron Systems, Bell, Oshkosh report increased sales

Textron said today its Textron Systems and Bell businesses reported sales growth during the most recent quarter.

Textron Systems recorded quarterly sales of $399 million, up 16% from the same three-month period last year. The company attributed the growth to "higher volume."

However, the unit's quarterly profit was $33 million, down 11% from the prior year.

Bell reported quarterly sales of $961 million, up 16% from a year earlier as a result of higher commercial sales.

The unit's quarterly profit hit $118 million, up 9% from the prior year.

Meanwhile, Oshkosh said sales in its defense segment during the most recent quarter reached $493 million, up 6% from the same period a year earlier. The company attributed the growth to the "continued ramp up of [Joint Light Tactical Vehicle] sales to the U.S. government."

Oshkosh said quarterly profit in its defense unit was just shy of $31 million, down 57%.

"The decrease in operating income was due to a large cumulative catch-up adjustment on contract margins in the prior-year quarter, adverse product mix, a favorable resolution of contract compliance matters in the prior-year quarter and higher new product development spending," the company said.