PROVIDENCE, R.I. (AP) — Textron Inc. reported Wednesday that it returned to profitability in the fourth quarter on higher sales of Bell helicopters and unmanned drones, weapons and sensors.
But the results fell short of Wall Street expectations, and the company's shares slipped 8 cents to $27 in trading before the market opened.
Textron reported fourth-quarter net income of $148 million, or 51 cents per share, in the three months that ended Dec. 29. It lost $19 million, or 7 cents per share, a year earlier due to employee severance costs and a write-down of intangible assets.
Excluding income from discontinued operations, Textron earned 50 cents per share.
Revenue for the latest quarter grew 3.3 percent to $3.36 billion from $3.25 billion.
Analysts, on average, expected adjusted earnings of 56 cents per share on revenue of $3.4 billion, according to data provider FactSet.
The fourth-quarter results included an after-tax charge of $27 million, or 6 cents per share, at the Cessna aircraft unit for an unfavorable arbitration award.
Revenue from the Bell helicopter unit rose $139 million to $1.15 billion in the quarter versus a year ago.
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