Textron Q1 Results Beat Expectations, Confirms Full Year Outlook

Textron Inc. TXT disclosed its income from continuing operations advanced 19.6 percent to $0.55 a share from $0.46 a share thus beating the Street expectations by $0.02 a share. Its net income grew 17.2 percent to $150 million from $128 million in the year-ago quarter.

Textron said its total revenue rose 4.2 percent to $3.2 billion from $3.07 billion in the previous year quarter. This was higher than the Street expectations of $3.15 billion.

The company indicated its segment increased by $21 to $280 million. The company added that the manufacturing cash flow before pension contributions reflected a use of cash of $222 million, up from $125 million in the year earlier quarter.

Textron's Chairman and CEO Scott Donnelly said, "Increased revenues reflected growth at Industrial, Aviation and Systems, with relatively flat revenues at Bell, consistent with our expectations. Operationally, we achieved margin improvements at each of our manufacturing segments."

Moving ahead, the company confirmed its earlier outlook of earnings from continuing operations of $2.60-$2.80 per share. Street expects the company to earn $2.71 a share.