PROVIDENCE, R.I. (AP) _ Textron Inc. (TXT) on Thursday reported fourth-quarter net income of $246 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Providence, Rhode Island-based company said it had profit of $1.02. Earnings, adjusted for one-time gains and costs, were $1.15 per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 98 cents per share.
The maker of Cessna small planes and Bell helicopters posted revenue of $3.75 billion in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $3.92 billion.
For the year, the company reported profit of $1.22 billion, or $4.83 per share. Revenue was reported as $13.97 billion.
“We had strong execution in both the quarter and full year with significant margin improvements at Aviation, Bell, and Systems” said Textron Chairman and CEO Scott C. Donnelly. “We were also encouraged by the continued strength in new aircraft demand at Aviation.”
Bell, based in Fort Worth, revenues were $827 million, down from $983 million last year, primarily on lower military volume.
Bell delivered 46 commercial helicopters in the quarter, up from 45 last year.
Segment profit of $108 million was down $6 million, largely on the lower military volume, partially offset by favorable performance.
Bell backlog at the end of the fourth quarter was $5.8 billion.
Textron expects full-year earnings to be $3.55 to $3.75 per share, with revenue expected to be $14 billion.
Textron shares have increased roughly 7 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 5 percent. The stock has decreased 17 percent in the last 12 months. – Associated Press, FWBP Staff
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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
