Textron Reports Q4 Profit, Full-year Profit View Above Estimates

Textron Inc. (TXT) on Wednesday reported profit of $226 million or $1.07 per share in the fourth quarter, higher than $207 million or $0.93 per share in the same quarter a year ago. The increased profit reflected increase in volume and mix particularly due to higher Citation jet and defense volume.

Analysts on average, polled by Thomson-Reuters expected the company to report earnings of $1 per share. Analysts' estimates typically exclude special items.

Quarterly revenues increased to $3.636 billion from $3.322 billion last year. The consensus estimate stood at $3.32 billion.

Textron Aviation delivered 52 jets in the quarter, an increase from 46 last year, as well as 47 commercial turboprops, up from 43 a year ago.

Looking forward, the company expects 2023 revenues of about $14.0 billion. Full-year adjusted earnings per share is expected to be in the range of $5.00-$5.20.

Analysts expect the company to report earnings of $4.05 per share on revenue of $12.6 billion for the year.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
United Airlines and Archer Aviation Inc. announced plans to launch the first commercial electric air taxi route in Chicago, between O'Hare International Airport or ORD and Vertiport Chicago. As part of their urban air mobility or UAM network buildout, both companies will utilize Archer's electric vertical takeoff and landing or eVTOL aircraft in the new route. Fort Wayne, Indiana-based Perfection Bakeries D/B/A Aunt Millie's is recalling 8 ct. packages of Our Family White Hot Dog Buns citing the possible presence of undeclared sesame, a known allergen, the U.S. Food and Drug Administration said. The product comes in a printed plastic package marked with "Our Family Hot Dog Buns 8 ct." on the top and has a blue twist tie. Parsippany, New Jersey -based Ascend Laboratories LLC. is recalling Dabigatran Etcxilate capsules citing the detection of N-Nitrosodimethylamine or NDMA impurity, a probable human carcinogen, the U.S. Food and Drug Administration said. The product is used as an oral anticoagulant to lower the risk of stroke and blood clots.
Follow RTT