S&P 500 (NYSE:SPY) component Textron Inc (NYSE:TXT) swung to a profit in the first quarter, but still came up short of analyst expectations. Textron, Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services.
Textron Inc Earnings Cheat Sheet for the First Quarter
Results: Swung to a profit of $29 million (9 cents/diluted share) in the quarter. Textron Inc had a net loss of $8 million or a loss 3 cents per share in the year earlier quarter.
Revenue: Rose 12.2% to $2.48 billion YoY.
Actual vs. Wall St. Expectations: TXT (NYSE:TXT) fell short of the mean analyst estimate of 17 cents/share. Estimates ranged from 12 cents per share to 20 cents per share.
Quoting Management: “First quarter results benefited from strong execution and cost performance at Bell, Systems and Industrial,” said Textron Chairman and CEO Scott C. Donnelly. Donnelly added, “However, at Cessna, low production and delivery levels led to an operating loss in the quarter. Looking forward, we expect improved profitability as volumes recover and the impacts of our continuing cost reduction and productivity programs take effect.”
Competitors to Watch: General Electric Co. (NYSE:GE), Boeing (NYSE:BA), Embraer (NYSE:ERJ), Spirit AeroSystems (NYSE:SPR), 3M (NYSE:MMM), Tyco (NYSE:TYC), Carlisle (NYSE:CSL), Honeywell (NYSE:HON) and United Technologies Corp. (NYSE:UTX).
Today’s Performance: Shares of TXT (NYSE:TXT) are unchanged from yesterday’s close.