Textron Inc. (TXT) Wednesday said first-quarter profit edged up from last year, amid nearly flat revenues as the company experienced softer than expected demand for business jets. The company cut its full year earnings per share from continuing operations forecast.
Net income increased to $119 million or $ 0.41 per share from $118 million or $0.40 per share in the prior year.
Income from continuing operations per share was $0.40, compared to $ 0.41 in the previous year. On average, 12 analysts polled by Thomson Reuters expected earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues in the quarter were $2.855 billion compared to $2.856 billion last year. Analysts expected revenues of $2.89 billion.
Textron Chairman and CEO Scott Donnelly said, "We saw strong growth in Bell commercial helicopters, Textron Systems defense products, and E-Z-GO vehicles, but demand in the business jet market was softer than expected."
Based on current business jet market conditions, the firm reduced its 2013 business jet delivery outlook. The company now expects that deliveries in 2013 will be down from 2012. This reflects Textron's expectation for lower deliveries in the light category, partially offset by growth in the midsize category.
Textron said it is adjusting production schedules and implementing other appropriate cost actions at Cessna.
Textron's 2013 guidance for earnings per share from continuing operations is now $1.90 to $2.10. Wall Street looks for 2013 earnings of $2.26 per share.
The previous forecast was for earnings per share from continuing operations of $2.10 to $2.30 and revenues of about $12.9 billion.
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