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Textron Inc. said Wednesday that its first-quarter profit more than quadrupled, as growing demand boosted results at its Cessna aircraft and Bell helicopter divisions.
The Providence, R.I.-based company reported net income of $118 million, or 40 cents per share, for the January-March period, up from $29 million, or 9 cents per share, in the same quarter last year.
Excluding discontinued operations, the company earned $120 million, or 41 cents per share, for the recent quarter.
Revenue rose 15 percent to $2.86 billion from $2.48 billion.
The results beat Wall Street predictions. Analysts, on average, expected earnings of 35 cents per share on $2.71 billion in revenue, according to a FactSet poll.
Cessna revenue jumped 20 percent to $669 million, boosted by higher sales volumes of Citation jets and aftermarket parts, shrinking the division's losses to $6 million from $36 million.
Meanwhile, Bell revenues increased 33 percent to $994 million on a jump in sales volumes, boosting profits at that division by 59 percent to $145 million.
The company backed its previous 2012 guidance, saying it still expects earnings from continuing operations of $1.80 to $2 per share on about $12.5 billion in revenue.
Analysts polled by FactSet expect earnings of $1.92 per share on $12.33 billion in revenue.
The reaffirmation of earlier guidance for the year may have disappointed some investors after the stronger-than-expected first-quarter performance. Textron shares fell 88 cents, or 3.2 percent, to $26.77 in morning trading. Its shares are still trading near the upper end of the company's 52-week range of $14.66 to $29.18.