Textron Earnings: Increase in Profit Year-Over-Year
S&P 500 (NYSE:SPY) component Textron Inc (NYSE:TXT) reported its results for the third quarter. Textron 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.
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Textron Inc Earnings Cheat Sheet
Results: Net income for Textron Inc rose to $151 million (51 cents per share) vs. $142 million (47 cents per share) in the same quarter a year earlier. This marks a rise of 6.3% from the year-earlier quarter.
Revenue: Rose 6.6% to $3 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Textron Inc fell in line with the mean analyst estimate of 51 cents per share. Analysts were expecting revenue of $2.99 billion.
Quoting Management: “Third quarter results reflected strength in our helicopter and industrial units, favorable liquidation activity in our finance portfolio and good execution at Cessna in an environment of weak business jet demand, partially offset by lower overall volumes in our Textron Systems segment and charges associated with our new fee-for-service unmanned aerial systems programs,” said Textron Chairman and CEO Scott C. Donnelly.
Revenue has risen for the last four quarters. Revenue increased 10.7% to $3.02 billion in the second quarter. The figure rose 15.2% in the first quarter from the year earlier and climbed 4.1% in the fourth quarter of the last fiscal year from the year-ago quarter.
The company met estimates last quarter after toppling them in the two previous quarters. In the second quarter, it topped the mark by 14 cents, and in the first quarter, it was ahead by 5 cents.
Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 63 cents a share to 60 cents over the last ninety days. In the last thirty days, the average estimate for the fiscal year has moved up from $1.94 per share to $2.01.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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