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Textron Reports Third-Quarter Loss

Textron has reported third-quarter loss from continuing operations and a decline in revenue primarily due to lower business jet deliveries.
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NEW YORK (TheStreet) -- Textron (TXT) - Get Report has reported third-quarter loss from continuing operations and a decline in revenue primarily due to lower business jet deliveries.

Textron now projects full-year earnings per share from continuing operations to be in the range of 70 cents to 75 cents a share, from its previous projection of 55 cents to 65 cents. Analysts on average had been expecting full-year earnings of 60 cents a share.

For the third quarter, Textron reported net loss of $48 million, or 17 cents a share, compared with a $4 million profit, or 1 cent a share the same time last year.

Special charges of 30 cents a share were recorded during the third quarter. These included a 25 cent per share non-cash charge in connection with Textron Financial's asset liquidation in Canada and 5 cents in charges related to restructuring activities across Textron.

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Excluding special charges, the company reported income from continuing operations of 13 cents a share, compared with 12 cents a share a year ago.

Revenues were down 2.7% to $2.479 billion, from $2.549 billion, primarily due to lower business-jet deliveries. Analysts on average were expecting earnings of 8 cents a share on revenue of $2.62 billion.

Textron stock is down 4.1% to $20.09 in morning trading.

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-- Written by Andrea Tse in New York.

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