Textron Inc. reported first quarter net income of $37 million, or 26 cents per share, compared to first quarter 2003 net income of $66 million, or 48 cents per share.
First quarter 2004 revenues were $2.35 billion, down slightly from $2.40 billion in the first quarter 2003, reflecting lower volumes in the company’s aircraft businesses partially offset by the positive impact of foreign exchange and higher volumes in its Fastening Systems and Industrial segments.
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“We are encouraged by the recovery that appears to be under way in many of our markets. We experienced strong orders at Cessna and Bell during the quarter and solid growth in volume at Fastening Systems, Kautex and Greenlee,” said Lewis B. Campbell, Textron chairman, president and CEO, in a release distributed by Business Wire.
