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Business/Financial

Textron’s Earnings Decline On Financial Woes, Higher Interest Expense

DDN

Friday, October 17th, 2008

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By Calvin Biesecker Textron [TXT] yesterday reported higher third quarter sales but lower net income, which fell in part on poor results in its Finance segment due to turmoil in the world's capital markets and also due to higher interest expense and less income from business operations that have been reclassified as discontinued because they are being sold. Given the uncertain economic conditions, Textron said it has suspended buybacks of its stock. Net income fell 19 percent to $206 million,…

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