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Textron 2Q Net Rises 9.8% As Cessna Profit Surges

DOW JONES NEWSWIRES Textron Inc.'s (TXT) second-quarter earnings rose 9.8% as the company's Cessna aircraft segment posted a sharp rise in profit on higher volumes and as results at the much-larger Bell helicopter segment were also strong. "The demand environment for commercial aircraft remained stable," said Chairman and Chief Executive Scott C. Donnelly. "Given current levels of customer interest and order activity, we expect a significant pick-up in demand in the second half of the year, similar to what we saw last year." The company also backed its full-year forecast from January. The manufacturer of Cessna aircraft and E-Z-GO golf carts showed signs of a turnaround for much of last year, suggesting its restructuring efforts are paying off. The company has seen recent recovery in demand for Bell helicopters and its industrial gear, which has also helped its bottom line. Textron reported a profit of $90 million, or 29 cents a share, up from $82 million, or 27 cents, a year earlier. Revenue edged up 0.7% to $2.73 billion. Analysts polled by Thomson Reuters most recently forecast earnings of 24 cents on revenue of $2.83 billion. The company's Bell helicopter business, its biggest top-line contributor, saw revenue up 6% and profit climb 11%. Cessna's revenue increased 2.7% while the division's profit grew 67%, driven by higher delivery and aftermarket volumes. Shares closed at $22.12 and were inactive premarket. The stock has risen 22% over the past year. -By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@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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