PROVIDENCE, R.I. –Textron Inc. reported that third-quarter revenues grew 15 percent from the same period last year, driven by higher sales and the holding company’s strategic acquisitions. Revenues climbed to $2.7 billion from $2.4 billion, Textron reported.
Diluted earnings per share from continuing operations grew to 95 cents from 65 cents in last year’s third quarter — a 46 percent increase.
Income from continuing operations increased 35 percent to $146 million from $108 million.
Net income climbed to $146 million from $142 million, including $34 million from a discontinued operation.
Textron has four main division lines — aircraft, automotive, industrial and finance.
Textron’s products include Cessna airplanes, Bell helicopters, automotive dashboards and golf carts. The company has a workforce of about 65,000 people in 27 countries.
According to the company, all four segments posted strong revenue growth in the third quarter, propelled by higher sales and the acquisition of 15 new companies since the third quarter of last year.
Still, Textron chairman and CEO Lewis B. Campbell said the aircraft sector — which had a 9 percent revenue increase for the quarter — could do better.
“Year-to-date aircraft revenues have increased a strong 12 percent,”‘ Campbell
said. “However, we are not satisfied with this segment’s margin performance and we are clearly focused on making steady improvement in this area.”
