Textron (TXT) shares gained 0.6% during pre-market trading on Thursday after the company reported better-than-expected fourth quarter earnings of $1.15 per share, primarily driven by a strong aviation segment. Analysts had projected 98 cents per share for the quarter.
Meanwhile, total revenue declined 6% year-over-year to $3.75 billion, missing analysts’ target of $3.92 billion. Revenues saw modest declines in Textron Systems, Bell and Industrial units, which was partly offset by a 12% jump in the core aviation segment.
Revenues at Textron Aviation were up 12% to $1.6 billion, due to higher volume and mix across the jet and commercial turboprop product lines, as well as favorable pricing. The unit delivered 63 jets, up from 58 last year, and 67 commercial turboprops, up from 45 last year.
Textron shares have dived 18% in the past one year.
CEO Scott C. Donnelly said, “We had strong execution in both the quarter and full year with significant margin improvements at Aviation, Bell, and Systems. We were also encouraged by the continued strength in new aircraft demand at Aviation.”
For 2019, Textron is forecasting revenues of about $14 billion, about flat with last year. Textron expects full-year 2019 EPS from continuing operations in the range of $3.55 to $3.75.
Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference, and much more!
Most Popular
LMT Earnings: A snapshot of Lockheed Martin’s Q1 2024 financial results
Aerospace company Lockheed Martin Corporation (NYSE: LMT) Tuesday reported lower earnings for the first quarter of 2024, despite an increase in sales. The company also reaffirmed its fiscal 2024 guidance.
General Motors (GM) Q1 2024 Earnings: Key financials and quarterly highlights
General Motors Co. (NYSE: GM) reported its first quarter 2024 earnings results today. Revenue increased 7.6% year-over-year to $43 billion. Net income attributable to stockholders increased 24.4% to $2.98 billion
GE Earnings: General Electric Q1 2024 adj. profit jumps on higher revenues
The General Electric Company (NYSE: GE), which became three separate companies after a recent split -- GE Aerospace, GE Venova, and GE Healthcare -- reported a sharp increase in adjusted
Comments