Textron (NYSE: TXT) — one of 30 companies listed on Executive Mosaic’s GovCon Index — has reported third quarter earnings of 63 cents per share to beat Wall Street’s expectations by 2 cents.
The Providence, R.I.-based conglomerate and owner of military aircraft makers Bell Helicopter and Beechcraft posted $176 million in profit for an increase of 9.6 percent from the same quarter last year.
Revenue fell 7.29 percent from the prior year period to $3.18 billion on reduced deliveries of the V-22 tiltrotor craft, which declined from 12 to four year-over-year.
Wall Street analysts forecasted approximately $3.41 billion in revenue for the third quarter.
Sales in the Bell Helicopter segment declined 36 percent from the same quarter last year while Textron’s aviation unit posted a 7.31-percent increase, the systems segment was up 17.31 percent and the industrial segment rose 5.48 percent.
The company also adjusted its full-year earnings outlook to a range of between $2.40 and $2.50 per share from the prior range of $2.30-to-$2.50 per share.
Textron’s backlog in the Bell, aviation and systems segments totaled $9.3 billion at the end of the quarter, a figure relatively flat with the same period last year.
Textron shares have fallen 7.81 percent since the year’s start and are up a nominal 7 cents over the last 12 months.
