Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

The Associated Press April 18, 2012, 10:07AM ET

Textron 1Q profit quadruples, beats predictions

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.

BW Mall - Sponsored Links

Buy a link now!