Textron Q3 Profit Tops View, Ups FY Outlook

(RTTNews) - Textron Inc. (TXT) Tuesday reported increased profit for the third quarter, despite a drop in revenues as a result of lower deliveries of V-22s at Bell. The company, further, lifted its full-year earnings forecast.

Textron is is a multi-industry company engaged in aircraft, defense, industrial and finance businesses to provide customers with products and services worldwide.

Net income for the quarter rose to $176 million from $159 million in the prior year. Income from continuing operations grew to $0.63 per share from $0.57 per share in the third quarter of 2014.

On average, 13 analysts polled by Thomson Reuters expected earnings of $0.61 per share. Analysts' estimates typically exclude special items.

Revenues fell 7.3 percent to $3.2 billion from $3.4 billion. Analysts expected revenues of $3.41 billion.

Textron Chairman and CEO Scott Donnelly said, "Revenues were down in the quarter, primarily driven by lower deliveries of V-22s at Bell, but we had solid revenue growth at Textron Aviation, Textron Systems and Industrial, reflecting our investments in new products and sales capabilities. Furthermore, good margin results across our segments contributed to solid overall financial performance in the quarter, despite the decrease in revenues."

Further, Textron revised its 2015 earnings per share from continuing operations guidance to a range of $2.40 to $2.50 from $2.30 to $2.50. Analysts expect earnings of $2.49 per share.