Textron Inc. today reported a third-quarter loss as the company took a $349 million restructuring charge amid weak business conditions for its Cessna airplanes, Bell helicopters and golf carts.
The company said it lost $35 million, or 25 cents a share, before restructuring charges, reversing year-earlier earnings of $158 million, or $1.08 cents a share.
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Textron last month warned it expected a third-quarter loss of about 25 cents a share and a smaller-than-expected fourth quarter profit of 40 cents to 60 cents. The forecasts excluded the effect of restructuring costs and other charges.
Third-quarter revenue fell to $2.8 billion from $3.2 billion in the year-ago period.
Textron shares closed at $35.88 in Wednesday New York Stock Exchange trade. The stock is off about 23 percent this year, underperforming the 18 percent decline on the S&P 500 Index.
