PROVIDENCE — Holding company Textron, Inc., released its quarterly results before the market opened today, revealing that income from continuing operations was down 9.5 percent.
Textron’s first quarter income from continuing operations, before special charges and restructuring-related expenses, was $143 million — or $1 per share — compared to $158 million — or $1.06 per share — during the year-ago period.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
The company, with units that make Bell Helicopters, Cessna aircraft and automotive parts, said sales for the quarter were $3.04 billion, compared to $3.29 billion a year ago. In a statement accompanying the earnings release, the company attributed the decline in revenues to a slowdown of North American automotive production and “weakness in certain industrial markets during the quarter.”
Textron reported special charges of $42 million for the quarter, including restructuring expenses the company said were associated with reducing overhead costs and closing, consolidating and downsizing manufacturing facilities. Including special charges, the company posted earnings per share of 79 cents, compared to 66 cents a year ago.
After posting a loss of $218 million for the fourth quarter last year, Textron announced it would cut 3,600 jobs — or 5 percent — from its workforce.
Textron estimated second quarter earnings per share before charges to be $1.10, with full-year 2001 earnings per share before charges to be $4.65.
