Textron’s Earnings Reflect The Market
Filed under: Bell, Business Line, Companies, Earnings, Events, Military Aviation, Textron, commercial aviation, logistics, production program
Textron reported their third quarter earnings yesterday. They did beat expectations by not having a loss but had a profit of about 1 cent a share. This was a decline of ninety-eight percent from the year before. Despite all this the company is confident they will make a profit for a year and earnings would be as predicted.
Textron decline is caused by financial products and their civil air division. Sales of Cessna aircraft a luxury item right now were down a lot. The company has been reducing their participation in the financial sector due to the general downturn there. Despite Bell Helicopter’s struggles with the Armed Reconnaissance Helicopter (ARH) the military part of the company saw some growth.
There have been previous reports that Textron might sell Bell or other parts as it reorganizes to face the current economic downturn but so far that has not happened. As with everyone the company will have to wait and see how the economy recovers and what growth occurs.
Canada Buys American Trucks from Navistar
Filed under: Business Line, Canada, Contract Awards, Countries, Navistar, logistics, production program
Canada’s Government announced that they had placed a $274 million Canadian order with Navistar for 1,300 trucks to support operations in Canada. The Commercial Off-the-shelf (COTS) order was to replace aging trucks currently in use. The Gazette reports that there has been some criticism of the Government for buying American over vehicles made in Canada. The U.S. buys a great deal of equipment made in Canada, and many U.S. companies like Bell Helicopter and the “Big 3″ automakers have plants in Canada. The contract also requires Navistar to purchase $274 million in offsets which for a start will include the tires the trucks roll on. The U.S. and Canadian economies in many ways are integrated, so Canada turning to a U.S. company is not necessarily like buying from Europe or Asia.
Indian Offset Policy Leads to Israeli Contract
Filed under: Astra Microwave, Contract Awards, ELTA Systems, IT, India, Israel, Military Aviation, production program
Israeli company ELTA Systems placed a contract with Astra Microwave worth about $11 M for components. This is due to the offset provisions in Indian law for foreign firms winning contracts. MarketWatch.com has the press release. Israeli companies won a major contract to provide airborne radar and surveillance aircraft from India recently and this award may be an offset for that contract. Read more
House Authorizers set own priorites
Filed under: Bell, Federal Budget Process, Military Aviation, development program
The House Armed Services Committee marked up the FY09 Defense Authorization Bill to their own priorities. See an article here. Big cuts were made to the Army’s Advanced Reconnaissance Helicopter (ARH) and Future Combat System (FCS). ARH, a new Bell helicopter to replace the OH-58D Kiowa Warrior, has had its struggles. FCS is a vast system of systems that will still get over $2 B of funding with the House cut. Of course the Senate has fully funded both programs so that will have to be worked out in Conference. Some programs did gain such as the C-17 and the House continued the second engine for the F-35 JSF despite Pentagon protests that it is not necessary. There will be many more changes by October.
USCG Deep Water problems lead to end of Bell UAS program
Bell was building a tilt-rotor Unmanned Aeriel System (UAS) for the USCG as part of the Deep Water modernization and upgrade program. The whole Deep Water program has been hit with problems and criticism from Congress to the point where the USCG is restructuring. As part of this they canceled the tilt-rotor UAS that Bell Helicopter was building for them based on V-22 technology. See a story here. Read more
Rolls-Royce, Bell Helicopter Explore RR500 Applications
Filed under: Syndicated Industry News
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