Slumping sales push profits down at Textron
9:02 AM Tue, Oct 27, 2009 | Permalink
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Providence-based Textron said Tuesday that third-quarter profit fell 98 percent as the company reduced production to cope with slumping demand. Net income declined to $4 million, or 1 cent a share, from $206 million, or 83 cents, a year earlier. Profit from continuing operations excluding some costs was 12 cents a share, beating the average estimate for a 4-cent loss by nine analysts in a Bloomberg survey. Sales fell 27 percent to $2.55 billion. Chief Executive Officer-elect Scott Donnelly last month said Textron was ahead of plan in winding down most of its unprofitable financing operations, while demand is starting to recover for Cessna aircraft. Textron, which also builds E-Z-GO golf carts, has slashed production and jobs and shuttered a factory as sales dropped during the recession. The company said full-year earnings from continuing operations will be at the upper range of its previous forecast of 33 cents to 63 cents a share on sales of $10.6 billion, excluding special charges. 
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