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Textron Swings To 3Q Loss On Charges; EPS Forecast Boosted

DOW JONES NEWSWIRES Textron Inc. (TXT) swung to a third-quarter loss on a charge related to an asset liquidation as revenue slid. But the bottom line excluding charges topped expectations and the company raised its profit target for the year to 70 cents to 75 cents a share from 55 cents to 65 cents, in part on fourth-quarter international tax benefits. The maker of small aircraft has suffered as companies see jets such as those made by its Cessna business as an easy place to cut costs--it announced plans to cut 8.3% of that unit's work force last month. Meanwhile, recent recovery in demand for Bell Helicopters and its industrial gear have helped the bottom line. Textron posted a loss of $48 million, or 17 cents a share, compared with a year-earlier profit of $4 million, or a penny a share. Excluding impacts from an asset liquidation in the latest period and restructuring charges in both, earnings from continuing operations rose to 13 cents from 12 cents as revenue slid 2.7% to $2.48 billion. Analysts polled by Thomson Reuters most recently forecast earnings of 8 cents on $2.62 billion in revenue. Bell unseated Cessna as the largest segment by revenue, seeing that measure jump 31% as profit increased 35%. The latter's revenue plunged 35% as it swung to a loss. Backlog declined 8.6% at Cessna and 7.6% at Bell. Shares closed Tuesday at $20.94 and were inactive premarket. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240; matthew.jarzemsky@dowjones.com

Stock News for Textron (TXT)
DateTimeHeadline
07/29/201516:34:42Securities Registration: Employee Benefit Plan (s-8)
07/29/201515:03:43Quarterly Report (10-q)
07/28/201511:10:08Textron Says North America Keeping It 'Strong'
07/28/201506:36:36Current Report Filing (8-k)
07/28/201506:30:00Textron Reports Second Quarter 2015 Income from Continuing Operations...
07/21/201515:02:00Textron Declares Quarterly Dividend
07/14/201517:14:00Bell Boeing Announces Contract for First V-22 Ospreys to Japan
07/08/201520:02:25Lockheed, Textron are Final Contenders to Buy Sikorsky -Reuters
07/02/201513:58:39Statement of Changes in Beneficial Ownership (4)
07/02/201513:57:34Statement of Changes in Beneficial Ownership (4)
07/02/201513:56:16Statement of Changes in Beneficial Ownership (4)
07/02/201513:52:37Statement of Changes in Beneficial Ownership (4)
07/02/201513:49:55Statement of Changes in Beneficial Ownership (4)
07/02/201513:48:09Statement of Changes in Beneficial Ownership (4)
07/02/201513:46:20Statement of Changes in Beneficial Ownership (4)
07/02/201513:29:09Statement of Changes in Beneficial Ownership (4)
07/02/201513:28:01Statement of Changes in Beneficial Ownership (4)
07/02/201513:26:03Statement of Changes in Beneficial Ownership (4)
07/01/201519:04:00Bell 525 Relentless Makes Successful First Flight
06/29/201508:00:00Textron to Release Second Quarter Results on July 28, 2015

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