Textron Inc. (TXT) reported first quarter income from continuing operations of $0.40 per share Wednesday morning, down from $0.41 per share last year. The consensus estimate was for EPS of $0.46. Textron slashed its 2013 earnings from continuing operations guidance to a range of $1.90 to $2.10 per share from the prior forecast in the range of $2.10 to $2.30 per share. The consensus estimate is for earnings of $2.26 per share.
Textron gapped open sharply lower Wednesday and declined during the first half hour of trade. The stock finished down by 3.94 at $25.41 on the highest volume of the year. Textron sank to a 3 1/2 month low and fell below its 200-day moving average.
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