Textron Misses Q1 Expectations

reported weaker-than-expected results for the first quarter on Tuesday. The Providence, Rhode Island-based company reported quarterly net income of $128 million, or $0.46 per share, compared to $85 million, or $0.30 per share, in the year-ago quarter. Its income from continuing operations climbed 48.4 percent year-over-year to $0.46 per share from $0.31 per share. Its revenue climbed 7.9 percent to $3.07 billion. However, analysts were expecting a profit of $0.48 per share on revenue of $3.19 billion. Textron segment profit climbed $40 million year-over-year to $259 million in the quarter. Revenue at Textron Aviation rose $266 million, while Bell revenue dropped $60 million in the latest quarter. Revenue at Textron Systems slipped $48 million, while Industrial revenue rose $75 million. Finance segment revenue dropped $7 million in the first quarter. The average estimate among 7 Estimize users was for earnings of $0.49 per share and revenue of $3.19 billion. "Revenues at Textron Aviation and Industrial were up during the quarter, while revenues at Bell and Textron Systems were down, as we expected," said Textron Chairman and CEO Scott C. Donnelly. "Operationally, we achieved significant margin improvements at Textron Aviation and Industrial, reflecting strong performance in these segments." For the full year, Textron projects earnings of $2.30 to $2.50 per share. Textron shares fell 1.22 percent to close at $43.67 yesterday.