PROVIDENCE, R.I. (AP) _ Textron Inc. (TXT) on Thursday reported third-quarter net income of $115 million.
On a per-share basis, the Providence, Rhode Island-based company said it had net income of 50 cents. Earnings, adjusted for non-recurring costs, were 53 cents per share.
The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 35 cents per share.
The maker of Cessna small planes and Bell helicopters posted revenue of $2.74 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $2.82 billion.
Textron shares have declined 28% since the beginning of the year, while the Standard & Poor’s 500 index has increased 1%. The stock has fallen 32% 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
Here’s Textron’s Bell breakout:
Bell revenues were $793 million, up $10 million from last year on higher military revenues, partially offset by lower commercial revenues, primarily due to the mix of aircraft sold.
Bell delivered 41 commercial helicopters in the quarter, down from 42 last year.
Segment profit of $119 million was up $9 million, primarily due to a favorable impact from performance.
Bell backlog at the end of the third quarter was $5.7 billion.