UPDATE: Textron Issues Downbeat FY15 Forecast

Shares of

fell 3.3% in pre-market trading after the company issued a weak forecast for 2015. For FY15, Textron projects earnings of $2.30 to $2.50 per share on revenue of $14.4 billion. Analysts expected earnings of $2.56 per share on revenue of $14.73 billion. The company reported a quarterly profit of $212 million, or $0.76 per share, versus a year-ago profit of $167 million, or $0.59 per share. According to the press release, the latest quarter included restructuring costs of $13 million related to the Beechcraft acquisition and Textron Aviation segment profit reflected an $8 million negative impact from fair value step-up adjustments to Beechcraft inventories sold during the quarter. Its revenue gained 16.8% to $4.1 billion. However, analysts were projecting earnings of $0.76 per share on revenue of $4.3 billion. Textron's sales in the aviation segment surged 64.7% to $1.52 billion, while Bell revenue declined 22.1% to $1.07 billion. Revenues at Textron Systems climbed $212 million to $621 million, while Industrial revenue rose $89 million to $862 million in the quarter. Manufacturing cash flow before pension contributions slipped to $449 million from $774 million. “Overall, we had a strong fourth quarter, with double digit revenue growth at Textron Aviation, Textron Systems and Industrial,” said Textron Chairman and CEO Scott C. Donnelly. “Operationally, we achieved year-over-year margin improvement in the quarter at Textron Aviation, Bell and Industrial and solid cash generation across all of our businesses.” Textron shares fell 3.31% to $40.00 in pre-market trading.