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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
02/14/201700:58:00Textron Systems Successfully Tests G-CLAW™ Against Moving Targets
02/13/201717:32:39Statement of Ownership (sc 13g)
02/10/201714:20:43Amended Statement of Ownership (sc 13g/a)
02/08/201710:38:00Textron to Present at Cowen and Company 38th Annual Aerospace/Defense...
02/07/201712:24:05Amended Statement of Ownership (sc 13g/a)
02/07/201709:16:00Textron Systems to Provide Support Services for Afghan Air Force
02/02/201711:18:25Statement of Changes in Beneficial Ownership (4)
02/02/201708:30:00Textron Inc. Commences Tender Offer for Acquisition of Arctic...
01/27/201706:05:41Amended Statement of Ownership (sc 13g/a)
01/27/201703:59:00Airbus Helicopter Deliveries Up Over 5% in 2016's Tough Market
01/25/201706:37:59Current Report Filing (8-k)
01/25/201706:32:00Arctic Cat Announces Agreement to Be Acquired by Textron in $247...
01/25/201706:30:00Textron Reports Fourth Quarter 2016 Results; Enters Agreement...
01/11/201712:18:00Textron Systems Begins On-Water Testing for Common Unmanned Surface...
01/10/201710:07:00New iCommand® 2.5 Delivers Improved Performance and Scalability
01/09/201710:26:00Textron Systems Support Solutions Awarded $206 Million for Shadow®...
01/09/201704:30:00Arijit Ghosh Appointed President and Managing Director of Textron...
01/04/201715:15:38Statement of Changes in Beneficial Ownership (4)
01/04/201715:15:38Statement of Changes in Beneficial Ownership (4)
01/04/201715:15:38Statement of Changes in Beneficial Ownership (4)

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