Textron Posts $48M Loss

PROVIDENCE, R.I. (AP) -- Textron Inc. on Wednesday reported a third-quarter loss of $48 million as it booked hefty one-time charges including restructuring costs and expenses associated with its asset liquidation in Canada.

The Providence, R.I., aircraft and vehicle maker said its losses amounted to 17 cents per share for the three months ended Oct. 2, compared with net income of $4 million, or 1 cent per share, in the same period last year. Revenue also slipped 3 percent to $2.48 billion.

Excluding special charges of 30 cents per share, Textron said it would have earned 13 cents per share in the quarter. Analysts, who typically exclude special charges, expected net income of 8 cents per share on revenue of $2.62 billion.

Textron said revenue dropped $290 million year-over-year in its Cessna business, reflecting lower aircraft sales.

Revenue from its Bell helicopter business increased $197 million, including a jump in sales from the U.S. government. The division also posted higher commercial sales.

Elsewhere, revenue at Textron Systems dropped $42 million, its finance business saw a $12 million drop in revenue, and its industrial segment saw an increase of $77 million in revenue.

Textron said it expects full-year earnings of between 70 and 75 cents per share, excluding special charges but including a tax benefit of 8 cents per share.

In morning trading, shares of the company shed 79 cents, or 3.8 percent, to $20.15.

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