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24 Textron Inc. Annual Report ● 2012
Bell
% Change
(Dollars in millions) 2012 2011 2010 2012 2011
Revenues:
V-22 program $ 1,611 $ 1,380 $ 1,155 17% 19%
Other military 940 919 845 2% 9%
Commercial 1,723 1,226 1,241 41% (1)%
Total revenues 4,274 3,525 3,241 21% 9%
Operating expenses 3,635 3,004 2,814 21% 7%
Segment profit 639 521 427 23% 22%
Profit margin 15% 15% 13%
Backlog $ 7,469 $ 7,346 $ 6,473 2% 13%
Bell Revenues and Operating Expenses
Factors contributing to the 2012 year-over-year revenue change are provided below:
(In millions)
2012 versus
2011
Volume $ 728
Other 21
Total change $ 749
Bell’s revenues increased $749 million, 21%, in 2012, compared with 2011, primarily due to higher volume, which included the
following factors:
• $476 million increase in commercial volume, largely related to higher deliveries reflecting our investment in new
products and increased focus on commercial markets. Bell delivered 188 commercial aircraft in 2012, compared with 125
aircraft in 2011.
• $231 million increase in volume related to the V-22 program, primarily reflecting higher deliveries based on schedule
requirements and higher revenues related to the support of fielded aircraft. Bell delivered 39 V-22 aircraft in 2012,
compared with 34 deliveries in 2011.
• $21 million increase in other military volume resulting from higher deliveries and services rendered under several
programs, partially offset by lower spares and aftermarket volume. Bell delivered 24 H-1 aircraft in 2012, compared with
25 aircraft in 2011.
Bell’s operating expenses increased $631 million, 21%, in 2012, compared with 2011, primarily due to higher sales volume
discussed above.
Factors contributing to the 2011 year-over-year revenue change are provided below:
(In millions)
2011 versus
2010
Volume $ 258
Other 26
Total change $ 284
Bell’s revenues increased $284 million, 9%, in 2011, compared with 2010, primarily due to higher volume, which included the
following factors:
• $225 million increase in volume related to the V-22 program, primarily reflecting higher deliveries. Bell delivered 34 V-
22 aircraft in 2011, compared with 26 deliveries in 2010.
• $74 million increase in other military volume, primarily reflecting higher H-1 deliveries, with 25 H-1 aircraft delivered in
2011, compared with 18 aircraft in 2010; this increase is net of a $55 million decrease in aftermarket volume, largely due
to the completion of several non-recurring programs in 2010.
• $41 million decrease in commercial volume, primarily reflecting lower deliveries. Bell delivered 125 commercial aircraft
in 2011, compared with 131 aircraft in 2010.