TEXTRON AVIATION released its third-quarter earnings report on October 27. The company delivered 39 Cessna Citation business jets and 33 commercial turboprops in the three months starting in July, which was ten and two less respectively than in the same period in 2021. Problems in the supply change continue to impact production and thus deliveries, with the company identifying engines as a particular source of concern, said CEO Scott Donnelly. Revenue was down $14m to $1.2bn in comparison to the third quarter of 2021, which the company explained as largely the result of lower deliveries of new Citations and pre-owned aircraft. This decline was partially offset by higher aftermarket volume (which was up 18%) and favourable pricing, thanks to the high levels of demand in the market. Textron Aviation profits were up S41m for the quarter, to $139m. The company's backlog continues to rise, hitting S6.4bn at the start of October, up from $3.5bn a year ago, with a book-to-bill ratio of 1.5:1. In the third quarter, Textron returned $200m to shareholders through share repurchases. Year to date, share repurchases totalled $639m. General Dynamics detailed Gulfstream's third quarter performance the day before Textron's was announced. The manufacturer delivered 35 business jets from July to the start of September, comprising 28 of its large-cabin family (G500, G600 and G650ER) and seven midsize G280S, for a total of 82 over the first nine months this year. In the same three months in 2021 Gulfstream shipped one G280 and three large cabin aircraft less.
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