Textron Q1 Results Beat Estimates; Confirms FY16 EPS View - Quick Facts

(RTTNews) - Textron Inc. (TXT), a multi-industry company engaged in aircraft, defense, industrial and finance businesses, reported Wednesday that its first-quarter net income increased to $150 million from last year's $128 million. Earnings per share were $0.55 per share, 19.6 percent higher than $0.46 a year ago.

On average, 13 analysts polled by Thomson Reuters expected earnings of $0.53 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues in the quarter totaled $3.20 billion, up 4.2 percent from $3.07 billion last year. Analysts were looking for revenues of $3.15 billion.

Textron segment profit in the quarter was $280 million, up $21 million from the first quarter of 2015.

Textron Chairman and CEO Scott Donnelly said, "Increased revenues reflected growth at Industrial, Aviation and Systems, with relatively flat revenues at Bell, consistent with our expectations. Operationally, we achieved margin improvements at each of our manufacturing segments."

Further, Textron confirmed its 2016 earnings per share from continuing operations guidance of $2.60 to $2.80. Analysts expect earnings of $2.71 per share for the year.

The company noted that demand in its end markets has been consistent with expectations. The company continues to believe to be able to generate solid overall growth in revenue, earnings and cash this year.