Textron Inc.

listen only mode later we will conduct a question and answer session if you would like to ask a question please press 1 then 0 on your phone keypad should you require assistance please press star then 0 this conference is being recorded for digitized replay and will be available after 10 a.m. Eastern Time today through April 25th of 2025 you may access the replay by dialing 866 207 and enter the access code 8546032. I would now like to turn the conference over to David Rosenberg, Vice President, Investor Relations. Please go ahead.

Thanks, Leah, and good morning, everyone. Before we begin, I'd like to mention we will be discussing future estimates and expectations during our call today. These forward-looking statements are subject to various risk factors, which are detailed in our SEC filings and also in today's press release. On the call today, we have Scott Donley, Textrun's chairman and CEO, and Frank Connor, our chief financial officer. Our earnings call presentation can be found in the investor relations section of our website. Revenue in the quarter were 3.1 billion, up from 3 billion in last year's first quarter. Segment profit in the quarter was 290 million, up 31 million from the first quarter of 2023. During this year's first quarter, adjusted income from continuing operations was $1.20 per share, compared to $1.05 per share in last year's first quarter. Manufacturing cash flow before pension contributions reflected a use of cash of $81 million in the quarter, compared to $104 million of cash provided in last year's first quarter. With that, I'll turn the call over to Scott.

Thanks, David, and good morning, everyone. In the first quarter, we saw a higher segment profit at Aviation, Bell, and Systems. At Aviation in the quarter, we delivered 36 jets, up from 35 last year, 20 commercial turboprops, down from 34 in last year's first quarter. Aviation continues to see strong demand across our product lines that resulted in backlog growth of $177 million, ending the first quarter at $7.3 billion. Textile and aviation fleet utilization remains strong in the quarter, contributing to aftermarket revenue growth of 6% as compared to last year's first quarter. Throughout Q1, we saw continued improvements in our supply chain and hours attained in the factory, supporting delivery growth throughout the remainder of the year. At Bell, revenues in the quarter were up, driven by higher military volume, reflecting the continued ramp of the FLORA program. On the FLORA program, we continue to progress through preliminary design reviews and expect to complete Milestone B, which allows for the entrance into the engineering and manufacturing development phase of the program later this summer. Also during the quarter, Bell received an award for the production and delivery to Nigeria of 12 AH-1Z helicopters. For V-22, the recently enacted FY24 budget includes five additional aircraft scheduled for delivery in 2027. On the commercial side of Bell, we delivered 18 helicopters down from 22 in last year's first quarter. During the quarter, we continued to progress toward FAA certification on the 525, expected later this year. Bell recently received its first order for 10 525 helicopters from Equinor, a Norwegian state energy company. Moving to Textron systems, revenue was flat and margin was up versus last year's first quarter. During the quarter, we received notification from our government customer of the termination of the shadow program. We're currently working with the Army on winding this program down. This decision reflects the Army's transition from shadow to the future tactical UAS system to fulfill the need of organic intelligence, surveillance, and reconnaissance. Earlier this month, we received notification that we were awarded options three and four of the FQAS program, and we remain one of two competitors for this next-generation program. Also in the quarter, Systems was down-selected with one other competitor to design, develop, and manufacture a 30-millimeter autocannon advanced reconnaissance vehicle prototype for the U.S. Marine Corps. This two-year effort will develop an innovative combat vehicle that provides mobile protective firepower for the Marines. In addition, the Army's FY25 budget request funds the design of the XM-30 ground combat vehicle in preparation for the prototype build and testing portion of phases three and four in the program's development. Moving to industrial, we saw lower revenues in the quarter, largely driven by lower volume in mixed and specialized vehicles. Caltech's revenues were flat in the quarter. We were encouraged by recent trends in the hybrid space, where industry is experiencing increased customer demand and new OEM investments in hybrid platforms. In aviation, Hemistral delivered 30 aircraft in the quarter, up from 13 in 2023. Also during the quarter, Pipistrel was granted an airworthiness exemption by the FAA for its Velus Electro Trainer, which will allow US flight schools to use this all-electric aircraft in their pilot training programs. With that, I'll turn the call over to Frank.