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Textron Reports Lower Income Despite Flat Sales In Opening Quarter

Defense Daily Staff Defense Daily Staff
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Lower profits at its Bell segment combined with acquisition and restructuring costs related to its purchase of Beechcraft in March drove earnings down at Textron Inc. [TXT] in the first quarter.  Net income dropped 29 percent to $85 million, 30 cents earnings per share (EPS), from $119 million (41 cents EPS), from a year ago. Excluding the impact of discontinued operations, per share earnings were 31 cents, three cents below consensus expectations.  Bell was the company’s only segment posting lower operating profits,…

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