PROVIDENCE – Textron Inc. announced Oct. 16 that its third quarter profit fell 37 percent because of lower aircraft sales.
Profit from continuing operations declined to $47 million, or 34 cents a share, from $75 million, or 55 cents, a year ago, Textron said in a press release. Sales at the Providence-based conglomerate, maker of Cessna business jets and Bell helicopters, fell to $2.24 billion from $2.49 billion.
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Earnings were dragged down by a 31 percent drop in sales of Citation, Cessna and Caravans. Over the past three years, Lewis Campbell, Textron’s chief executive officer, has fired at least 9,400 employees and closed 39 factories. In March, the company fired 1,200 Cessna employees. Textron said in its announcement that its 2003 profit would be better than forecast because of the cost cuts.
Profit this year will be between $2.60 a share and $2.70 a share, the company said, higher than the range of $2.40 to $2.60 the company gave in July. (Bloomberg News)
Washington Trust posts higher third-quarter earnings
WESTERLY – Washington Trust Bancorp Inc. recently announced net income of $4.7 million for the three months ended Sept. 30, up 5 percent from the third quarter of 2002.
The parent company of the Washington Trust Co. earned 35 cents per share for the quarter, compared to 34 cents for the third quarter of 2002. Net income was $14.1 million, up 15 percent from the $12.3 million reported for the same period in 2002.
John C. Warren, Washington Trust’s chief executive officer, said in a written statement that the results reflect growth in the bank’s core deposit base, its diversified loan portfolio and a record number of mortgages through the third quarter.
Although recent interest rate increases have “slowed refinancing activity significantly,” demand for the bank’s home equity line of credit remains strong, Warren said.
The company also announced two new directors: Barry G. Hittner, counsel with the Providence law firm of Cameron & Mittleman LLP; and Kathleen McKeough, senior vice president of human resources with GTECH Holdings Corp.
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