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Tuesday, August 11, 2020

Textron: 2Q Earnings Snapshot

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PROVIDENCE, R.I. (AP) _ Textron Inc. (TXT) on Thursday reported a second-quarter loss of $92 million, after reporting a profit in the same period a year earlier.


On a per-share basis, the Providence, Rhode Island-based company said it had a loss of 40 cents. Earnings, adjusted for non-recurring costs, were 13 cents per share.


The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 15 cents per share.
The maker of Cessna small planes and Bell helicopters posted revenue of $2.47 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $2.35 billion.
Textron shares have declined 23% since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 1%. The stock has declined 31% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TXT at https://www.zacks.com/ap/TXT

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