Textron Revenues Down 7.3% in Third Quarter

PROVIDENCE, R.I.—Textron Inc. (NYSE: TXT) reported Tuesday third quarter 2015 income from continuing operations of $0.63 per share, up 10.5 percent from $0.57 per share in the third quarter of 2014.

Revenues in the quarter were $3.2 billion, down 7.3 percent compared to $3.4 billion in the third quarter of 2014. Textron segment profit in the quarter was $312 million, up $19 million from the third quarter of 2014. Third quarter manufacturing cash flow before pension contributions was $116 million compared to $144 million during last year’s third quarter.

“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,” said Textron Chairman and CEO Scott C. Donnelly. “Furthermore, good margin results across our segments contributed to solid overall financial performance in the quarter, despite the decrease in revenues.”

Industrial revenues increased $43 million due to higher overall volumes, partially offset by a $59 million unfavorable impact from foreign exchange. Segment profit increased $8 million reflecting the impact of the higher volumes.

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 and confirmed its expectation for cash flow from continuing operations of the manufacturing group before pension contributions of $550 to $650 million with planned pension contributions of about $70 million.

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