Textron, Inc. (TXT) Misses Q1 EPS by 2c; Guides FY Lower

Textron, Inc. (NYSE: TXT) reported Q1 EPS of $0.36, $0.02 worse than the analyst estimate of $0.38. Revenue for the quarter came in at $2.8 billion versus the consensus estimate of $3.02 billion.

Textron, Inc. sees FY2014 EPS of $1.92-$2.12, versus the consensus of $2.20. The company estimates that it will record 2014 full-year Beechcraft restructuring costs of approximately $35 million and acquisition costs of $11 million. Including the impact of these costs and applicable interest costs, the estimated impact of the Beechcraft acquisition is to reduce 2014 results by $0.08 per share.

“Revenues at Textron Aviation and Industrial were up during the quarter, while revenues at Bell and Textron Systems were down, as we expected,” said Textron Chairman and CEO Scott C. Donnelly. Donnelly continued, “Operationally, we achieved significant margin improvements at Textron Aviation, Textron Systems and Industrial, reflecting strong performance across these segments.”

Donnelly continued, “We were pleased that we were able to close our Beechcraft acquisition during the first quarter, as it gave us an early start on combining our capabilities and bringing the large installed base of Hawker and Beechcraft customers into the Textron family. Coupled with our margin improvements, we believe we have a good start to 2014.”

For earnings history and earnings-related data on Textron, Inc. (TXT) click here.

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