Textron [TXT] recently posted higher earnings and sales in its fourth quarter driven by military work as well as demand for commercial helicopters and an increase in the company’s Finance segment.
The company reported net income of $148 million, 51 cents earnings per share (EPS), versus a $19 million (7 cents EPS) loss a year ago. Excluding a previously disclosed charge at Textron’s Cessna aircraft division, earnings were in line with consensus estimates of 56 cents EPS. Sales increased 3 percent to $3.4 billion from $3.3 billion.
Revenue growth was driven by higher deliveries of V-22 Osprey tilt-rotor aircraft, commercial helicopters, unmanned aircraft systems, weapons and sensors. Growth was partially offset on fewer business jet deliveries at the Cessna division and a slight decline in the Industrial segment.
For the year, Textron’s earnings more than doubled to $589 million ($2 EPS) versus $242 million (79 cents EPS) in 2011. Sales increased 9 percent to $12.2 billion from $11.3 billion.
In 2013, Textron expects sales to rise about 6 percent to $12.9 billion with earnings between $2.10 and $2.30 EPS.