Bell
Bell is a leading supplier of helicopters, tiltrotor aircraft and related spare parts and services. Bell supplies military helicopters and tiltrotors to the U.S. Government and non-U.S. military customers and supplies commercially certified helicopters to corporate, private, law enforcement, utility, public safety, emergency medical and other helicopter operators. Bell provides support and service for an installed base of approximately 13,000 helicopters.
2023 REVENUES BY REGION
2023 REVENUES BY CUSTOMER
Key data
| (Dollars in millions) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Bell | |||
| Commercial Units Delivered | 171 | 179 | 156 |
| Backlog | 4,780 | 4,781 | 3,871 |
| Revenues | 3,147 | 3,091 | 3,364 |
| Segment profit(1) | 320 | 282 | 399 |
| Segment profit margin | 10.2% | 9.1% | 11.9% |
| Total assets | 2,869 | 2,857 | 3,382 |
| Capital expenditures | 119 | 80 | 92 |
| Depreciation and amortization | 89 | 90 | 87 |
REVENUE DETAILS
| (In millions) | 2023 | 2022 | 2021 |
|---|---|---|---|
| Military aircraft and support programs | 1,701 | 1,740 | 2,073 |
| Commercial helicopter, parts and services | 1,446 | 1,351 | 1,291 |
| Total revenues | 3,147 | 3,091 | 3,364 |
Segment profit is a non-GAAP measure as defined on page 17. See page 14 for reconciliation to GAAP.
MAJOR PRODUCTS
| Description | First Delivery | Seating Capacity (including pilots) | Useful Load (lbs) | Cruising Speed (kts) | Minimum Range (nm) | |
|---|---|---|---|---|---|---|
| Light | ||||||
| 505 Jet Ranger X | Light single-engine, five-seat helicopter with fully integrated glass cockpit | 2017 | 5 | 1,500 | 125 | 306 |
| 407 GXi | Light single-engine helicopter with fully integrated glass cockpit | 2018 | 7 | 2,300 | 133 | 337 |
| 429/429WLG | Light twin-engine helicopter, best-in-class cabin volume | 2009 | 8 | 2,535 | 150 | 411 |
| Medium | ||||||
| 412 EPX | Next evolution of Bell 412 family with upgrades to transmission, engine control and avionics system | 2020 | 15 | 5,385 | 123 | 361 |
| New Commercial Helicopter Development |
||||||
| 525 Relentless | Twin-engine with fly-by-wire flight controls | TBD | 20 | 8,200 | 160 | 560 |
| Military | ||||||
| UH-1Y | State-of-the-art fully integrated utility and combat support helicopter | 2006 | 12 | 6,675 | 158 | 350 |
| AH-1Z | State-of-the-art fully integrated weapons system attack helicopter | 2006 | 2 | 6,580 | 160 | 380 |
| Tiltrotor | ||||||
| V-22 | Military tiltrotor aircraft, being produced with a third-party company | 1999 | 27 | 25,500 | 266 | 1,100 |
| V-280 Valor | U.S. Army Future Long Range Assault Aircraft (FLRAA) | TBD | TBD | TBD | TBD | TBD |
Military program awards and downselects
Bell was awarded the U.S. Army Future Long-Range Assault Aircraft contract in December 2022 and ramped up activity on the program during 2023. Bell has added engineering resources, contracted with key suppliers, ordered long-lead materials and broke ground on a new FLRAA Drive Systems Test Lab to develop a weapon system that can meet the U.S. Army’s mission requirements.
Bell was selected to compete for the Defense Advanced Research Projects Agency (DARPA) Speed and Runway Independent Technologies (SPRINT) X-Plane program, developing an experimental aircraft with the speed and runway independence for the next generation of air mobility platforms. With Bell’s history of producing X-planes such as the Bell X-1 and XV-15 and its investments in High-Speed Vertical Take-off and Landing (HSVTOL) technology and research, Bell will continue to push the boundaries of vertical lift aircraft performance.
Bell delivered four H-1s to the Czech Armed Forces in country during NATO Days 2023 and completed the AH-1Z program of record to Bahrain. The company also gained initial contract authorization for four additional CMV-22s.
Growing commercial demand
Bell saw robust order demand across its commercial portfolio with multiple contracts that build on its relationships with public safety organizations and air ambulance organizations. Bell expanded its global presence with the first Bell 407GXi purchase agreements into Taiwan and Turkey and purchase agreements for six 407GXi helicopters to the Argentina Air Force and Army and six into Poland, including four to the Polish National Police.
The Bell 505 continued to gain traction globally as a premier military trainer with deliveries into Korea and Jordan. There are seven government agencies worldwide that use the Bell 505 as its helicopter trainer—providing the next generation of pilots with an advanced helicopter training platform. In December, the Bell 505 also achieved a milestone with the 505th delivery of the helicopter.
Bell is positioned well for the launch of the 525. The 525 program made significant progress during the year with the Federal Aviation Administration as it closes in on commecial certification.
2023 COMMERCIAL PRODUCT PRICE POINTS
(Dollars in millions)
Bell
Competition
Single Engine
Twin Engines
2023 Source: Helivalues, & Bell Data