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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
04/26/201509:13:02DARPA: Could a Robot Replace the A-10 Warthog?
04/25/201511:13:02Hundreds of Tanks Roll Through Red Square. Are You Nervous Yet?
04/24/201506:02:51Current Report Filing (8-k)
04/22/201509:09:00Textron Declares Quarterly Dividend
04/19/201511:13:03You Get a Hellfire Missile, and You Get a Hellfire Missile! Everybody...
04/13/201508:55:21Textron expands production of U.S. Navy SSC program
04/06/201519:06:03State Dept. Approves Pakistan Arms Request
04/06/201516:07:01Statement of Changes in Beneficial Ownership (4)
04/02/201515:24:45Statement of Changes in Beneficial Ownership (4)
04/02/201515:23:52Statement of Changes in Beneficial Ownership (4)
04/02/201515:22:34Statement of Changes in Beneficial Ownership (4)
04/02/201514:41:23Statement of Changes in Beneficial Ownership (4)
04/02/201514:39:29Statement of Changes in Beneficial Ownership (4)
04/02/201514:38:07Statement of Changes in Beneficial Ownership (4)
04/02/201514:35:58Statement of Changes in Beneficial Ownership (4)
04/02/201514:34:38Statement of Changes in Beneficial Ownership (4)
04/02/201514:07:19Statement of Changes in Beneficial Ownership (4)
04/02/201513:47:29Statement of Changes in Beneficial Ownership (4)
03/26/201508:00:00Textron to Release First Quarter Results on April 28, 2015
03/22/201511:13:02A-10 Warthog Is Out, F-15 and F-16 Are In, Says the Air Force

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