Textron Q3 Profit From Cont. Ops. Rises; Lifts 2014 EPS From Cont. Ops. Guidance

(RTTNews) - Textron Inc. (TXT) reported third-quarter 2014 income from continuing operations of $160 million or $0.57 per share, up from $98 million or $0.35 per share in the third quarter of 2013.

Textron third quarter 2014 results included $3 million ($0.01 per share, after-tax) in restructuring costs, recorded as part of Acquisition and Restructuring Costs, and Textron Aviation segment profit reflected a $10 million ($0.02 per share, after tax) negative impact from fair value step-up adjustments to Beechcraft inventories sold during the quarter.

On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $0.52 for the quarter. Analysts' estimates typically exclude special items.

Total revenues were $3.43 billion, up from $2.90 billion, prior year, an 18.1 percent increase. Analysts expected revenue of $3.63 billion for the quarter.

Textron increased its 2014 earnings per share from continuing operations guidance to a range of $2.05 to $2.15. Analysts expect the company to report 2014 earnings per share of $2.07.

"Revenues at Textron Aviation, Industrial and Bell were up during the quarter, primarily reflecting the success of our new product investment and acquisition strategies. Operationally, we achieved significant margin improvement in the quarter at Textron Aviation, reflecting higher volumes and better performance. Bell also had improved performance, leading to an increase in quarterly margins compared to last year," said Textron CEO Scott Donnelly.