TEXTRON INC.

TXT
Delayed Quote. Delayed  - 11/25 04:10:00 pm
47.2USD -2.66%

Textron: 3Q Earnings Snapshot

10/29/2020 | 05:53am

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

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News

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