Textron's (TXT) - Get Report earnings rose by more than 50%, easily surpassing analysts' estimates, as growth in the company's industrial and fastening segments offset declines in its Cessna operations.
The Providence, R.I.-based said earnings rose to $100 million, or 71 cents a share, from $63 million, or 46 cents a share, in the same period last year.
However, on an adjusted basis, which excludes restructuring costs in both periods, net income rose to $122 million, or 87 cents a share, from $103 million, or 36 cents a share, a year earlier.
Analysts had been expecting the company to earn 74 cents a share on an adjusted basis.
Sales edged up slightly to $2.55 billion from $2.53 billion, reflecting the positive impact of foreign exchange. The results were just above the First Call estimates of $2.5 billion.
"The ongoing recovery in our end markets and the benefits of our enterprise management initiatives are becoming increasingly evident in our results as we delivered significantly improved net operating profit and cash flow. We also booked strong orders that will drive our future growth," said Lewis B. Campbell, Textron chairman, president and CEO.
Textron said it expects to earn 70 cents to 80 cents a share, which is in line with the current consensus of 76 cents a share.
In addition, the company boosted its full-year earnings outlook to $3.10 to $3.25 a share from $2.79 a share. The consensus estimate is $3.07 a share.
Shares of Textron rose recently $1.03, or 1.8%, to $58.70.