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.
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