First Read Textron Inc: Noisy results, guidance reiterated with a caveat

研报英文原文证据摘录

First Read Textron Inc: Noisy results, guidance reiterated with a caveat

Global Research

28 July 2026ab

First Read

EquitiesTextron Inc

Noisy results, guidance reiterated with a caveat Americas

Aerospace

12-month rating Neutral

Overall take

A mixed quarter with revenue and segment EBIT in line but Aviation/Bell worse and the 12m price target US$97.00

for-sale Industrial business driving the beat (with some IEEPA reversal help). EPS beat,

helped by below the line items, and Textron reiterated guidance - with a caveat. Bizjet

Price (27 Jul 2026) US$96.13

deliveries were light at 40 and Aviation margin of 10.7% missed/declined yoy,

continuing the recent trend of volume/mix and manufacturing headwinds, despite RIC: TXT.N BBG: TXT US

healthy demand and ~1X book-to-bill. Bell delivered solid topline growth driven by Trading data and key metrics

military programs and MV-75, but margins were hit by program performance resulting

52-wk range US$100.77-77.02

in a 90bps miss and yoy decline. Systems had solid revenue and EBIT growth, while

Market cap. US$17.0b

Industrial offset the Aviation/Bell miss but is less relevant given the ongoing sale process

Shares o/s 177m (COM)

and benefit from an unsized IEEPA tariff reversal. Cash flow was light, and while

guidance was reiterated, it assumes additional MV-75 funding reprogramming; absent Free float 99%

that, management indicated a $0.20-$0.30 EPS headwind and a $150-$250mn cash Avg. daily volume ('000) 495

flow impact. That is likely just timing (see our HQ Takeaways note), but core results are Avg. daily value (m) US$45.1

weak and creates a noisy quarter as Textron works toward streamlining an Common s/h equity (12/26E) US$8.47b

A&D business. P/BV (12/26E) 2.0x

Net debt to EBITDA (12/26E) 0.8x

Notable Pros: Adj.