Textron Inc Earnings Cheat Sheet: Profit Swings Up and Beats Forecast

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 for the Third Quarter

Results: Reported a profit of $142 million (45 cents per diluted share) in the quarter. Textron Inc had a net loss of $48 million or a loss 17 cents per share in the year earlier quarter.

Revenue: Rose 13.5% to $2.81 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: TXT beat the mean analyst estimate of 31 cents per share. Analysts were expecting revenue of $2.86 billion.

Quoting Management: “Third quarter results reflected good execution and cost performance at Bell and Cessna, including continued success in selling commercial aircraft in a tough environment. We believe this reflects the strength of our brands and investments we are making in new products, aftermarket services and sales capabilities,” said Textron Chairman and CEO Scott C. Donnelly.

Key Stats:

Revenue has risen the past four quarters. Revenue increased 0.7% to $2.73 billion in the second quarter. The figure rose 12.2% in the first quarter from the year earlier and climbed 11.2% in the fourth quarter of the last fiscal year from the year-ago quarter.

The company has now beaten estimates the last two quarters. In the second quarter, it topped expectations with net income of 29 cents versus a mean estimate of net income of 25 cents per share.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the fourth quarter is 38 cents per share, down from 48 cents ninety days ago. For the fiscal year, the average estimate has moved up from 95 cents a share to $1.08 over the last thirty days.

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).

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(Source: Xignite Financials)

 

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