UPDATE: Textron Posts Upbeat Q2 Earnings

Textron

reported a 27% gain in its second-quarter profit. Textron's quarterly profit surged to $144 million, or $0.51 per share, versus a year-ago profit of $113 million, or $0.40 per share. Its total revenue climbed 23% to $3.51 billion. However, analysts were expecting earnings of $0.46 per share on revenue of $3.52 billion. Textron Aviation's revenue jumped to $1.18 billion while the segment posted a profit of $28 million versus a year-earlier loss of $50 million. Bell revenue rose 9.2%, while its profit climbed 4.4% to $141 million. Textron Systems revenue dropped 33%, while industrial revenue gained 12%. Finance segment revenue fell $4 million. Textron Chairman and CEO Scott C. Donnelly said, “Operationally, we achieved significant margin improvements across our manufacturing businesses, reflecting higher volumes and good performance.” Textron also affirmed its earnings forecast for the full year. Textron shares gained 3.26% to $39.62 in pre-market trading.