Navy Awards Textron Aviation $113M Contract for Multiengine Trainers

Textron also saw increases in revenue and net income, it reported in a fourth quarter earnings report.

A Beechcraft King Air 260. [Credit: iStock]

Textron Aviation said the U.S. Navy’s Naval Air Systems Command, known as NAVAIR, awarded the company a $113.1 million contract to deliver 10 Beechcraft King Air 260 aircraft for NAVAIR’s Multi-Engine Training System, or METS.

Under the contract, the Wichita, Kansas, unit of Textron is to provide a range of support in addition to the aircraft, including spare parts, training for instructor pilots and maintenance personnel, and certain support equipment.

"The contract award is for up to 64 Beechcraft King Air 260 METS aircraft with deliveries starting in 2024," the company said in a statement.

According to the U.S. Department of Defense, the King Air 260s will be used for intermediate and advanced training of pilots transitioning to multiengine models, including the Boeing P-8, Lockheed KC-130, Grumman E-2, and versions of the V-22 Osprey. 

Textron Aviation’s parent company, Textron Inc. (NYSE: TXT), also reported fourth quarter results including increases in revenue and net income.

For the quarter, net income rose 9.2 percent to $226 million, or $1.07 per share, from $207 million, or 93 cents per share, a year earlier. Revenue increased 9.5 percent to $3.64 billion from 3.32 billion.

For the year, net income rose 15 percent to $861 million or $4.01 per share from $746 million or $3.30 per share. Revenue increased to $12.87 billion from $12.38 billion.

Textron said the backlog of $6.4 billion in its aviation division at the end of 2022 had increased by $2.3 billion from the end of 2021. The company also said its full-year outlook for earnings per share in 2023 ranges from $4.40 to $4.60 per share. 

Jonathan Welsh is a private pilot who worked as a reporter, editor and columnist with the Wall Street Journal for 21 years, mostly covering the auto industry. His passion for aviation began in childhood with balsa-wood gliders his aunt would buy for him at the corner store. Follow Jonathan on Twitter @JonathanWelsh4

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