Bell Textron’s military helicopter deliveries declined as key programs wound down in 2022, but civil deliveries surged, largely on the popularity of the Bell 505 light single. Overall revenues dropped 4.9 percent from 2021, to $3.1 billion, while the segment reported a profit of $282 million. Bell said it expects modest growth in 2023 revenues to about $3.3 billion with comparable profitability. Bell finished 2022 with a backlog of $4.8 billion.
Last year, Bell delivered 31 military aircraft, down from 48 in 2021. The mix included 15 H-1s, 13 V-22s, and three Huey IIs. On the civil side, Bell delivered 176 helicopters, up from 156 in 2021. The totals included 83 Model 505s and 49 Model 407 singles, as well as 32 light-twin 429s. Deliveries of 505s posted the largest gain, increasing from 63 in 2021. For the period, deliveries of Bell 412s more than doubled, from seven to 15.
On a conference call with analysts yesterday, Textron CEO Scott Donnelly said Bell will realize revenues of $1.3 billion over 19 months from the initial flyer contract related to the company’s recent V-280 tiltrotor win of the Army’s Future Long-Range Assault Aircraft contract, but that $232 million of that funding is currently being delayed while the contract award is being contested by challenger Lockheed Martin. Bell expects to prevail in that appeal and could receive funding as early as April.
Donnelly said the first flight of Bell’s Invictus 360 prototype—a semi-finalist for the Army’s Future Attack and Reconnaissance Aircraft program—should occur later this year, pending delivery of the GE ITEP engine from the Army.