PROVIDENCE – Textron Inc., the maker of Cessna planes and Bell helicopters, said it had a third-quarter net loss after liquidating Canadian finance assets.
The net loss was $48 million, or 17 cents a share, compared with net income of $4 million, or 1 cent, a year earlier, Textron said Wednesday in a statement. Excluding some items, profit was 13 cents. Ten analysts estimated 11 cents on average in a Bloomberg survey.
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Excluding an 8-cent tax benefit, adjusted full-year earnings will be 62 cents to 67 cents a share, more than the 58- cent average predicted by analysts, the company said. In July, Textron increased the projection excluding special charges to a range of 55 cents to 65 cents.
Cessna cut 700 jobs last month, after slicing its workforce in half to about 8,400, because orders haven’t improved along with the economy. Textron is offsetting a drop in cash from manufacturing by speeding up liquidation of its finance unit.
CEO Scott Donnelly has said Cessna’s sales typically pick up about eight quarters after corporate profits return. Aerospace supplier Honeywell International Inc. said this week its annual survey of corporate flight departments shows the recovery may take longer than forecast, not starting until late 2011.
