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Textron posts $148M 4Q profit

Published on NewsOK Modified: January 23, 2013 at 7:49 am •  Published: January 23, 2013

Cessna revenue, however, fell $110 million to $901 million because fewer jets were delivered. The company delivered 53 Citation jets in the compared with 67 a year earlier.

Revenue at Textron systems increased $58 million to $571 million, while industrial revenue fell $2 million to $706 million.

For the full year, Textron reported net income of $589 million, or $2 per share, on revenue of $12.24 billion. That's up from $242 million, or 79 cents per share, on revenue of $11.28 billion for 2011.

Textron predicted 2013 revenue would rise 6 percent to $12.9 billion, with earnings per share from continuing operations in a range of $2.10 to $2.30 per share. Analysts expect earnings of $2.24 this year on revenue of $12.86 billion.

The Providence, R.I.-based company also said its board on Tuesday authorized the repurchase of 25 million shares to offset the impact of dilution from stock based compensation and to raise capital. During the fourth quarter, the company bought back 11.1 million shares.