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Textron Reports Lower Income Despite Flat Sales In Opening Quarter

Cal Biesecker By
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Textron Reports Lower Income Despite Flat Sales In Opening Quarter
A US. Marine Corps V-22 lifting off a ship. Photo: U.S. Navy

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…

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