Textron plans more layoffs, expects lower earnings

PROVIDENCE — Textron’s chairman and chief executive, Lewis B. Campbell announced
that it would be increasing its layoffs from the anticipated 3,600 to 5,000, virtually
all of whom have already been laid off or have been notified that they would be
laid off. Campbell said the company would decide within 60 days whether that number
would be increased, the Providence Journal reported. The nation’s first conglomerate,
which makes many things, from auto parts to airplanes also revised its years-end
earnings estimates downward to $4 a share, from $4.65 in April and $4.88 the quarter
before that. Earnings per share for last year were $4.65.