S&P 500 (NYSE:SPY) component Textron Inc (NYSE:TXT) reported net income above Wall Street’s expectations for the second quarter. 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 Second Quarter
Results: Net income for the conglomerate rose to $90 million (29 cents per share) vs. $82 million (27 cents per share) in the same quarter a year earlier. This marks a rise of 9.8% from the year earlier quarter.
Revenue: Rose 0.7% to $2.73 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: TXT beat the mean analyst estimate of 24 cents per share. It fell short of the average revenue estimate of $2.83 billion.
Quoting Management: quarter results benefited from good execution and cost performance at Bell and Industrial,” said Textron Chairman and CEO Scott C. Donnelly. “Cessna returned to an operating profit, driven primarily by higher delivery and aftermarket volumes compared to the first quarter.”
Revenue has now gone up for three straight quarters. In the first quarter, revenue rose 12.2% to $2.48 billion while the figure rose 11.2% in the fourth quarter of the last fiscal year from the year earlier.
The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of 10 cents versus a mean estimate of net income of 17 cents per share.
Competitors to Watch: The Boeing Company (NYSE:BA), General Electric Company (NYSE:GE), Embraer SA (NYSE:ERJ), 3M Company (NYSE:MMM), Spirit AeroSystems Hldgs., Inc. (NYSE:SPR), Honeywell Intl. Inc. (NYSE:HON), Tyco International Ltd. (NYSE:TYC), Carlisle Companies, Inc. (NYSE:CSL), United Technologies Corp. (NYSE:UTX), and Siemens AG (NYSE:SI).
Stock Performance: Shares of TXT are unchanged from the previous close of $25.79.
(Source: Xignite Financials)