NEW YORK (TheStreet) -- Textron (TXT) - Get Report stock is down by 7.98% to $34.72 on heavy trading volume on Wednesday, after the aircraft manufacturer reported its 2015 fourth quarter earnings results.
Before the market open on Wednesday, Textron reported earnings of 81 cents per share, versus analysts' forecasts for earnings of 83 cents per share.
Revenue declined by 4.2% year-over-year to $3.9 billion, which is lower than analysts' forecasts for revenue of $4.22 billion.
The company projected that full-year 2016 revenue would rise by 6% to $14.3 billion and that earnings would be in the range of $2.60 per share to $2.80 per share.
"We had good execution in the quarter with margin improvements at Aviation, Systems and Industrial and solid double digit margins at Bell," CEO Scott Donnelly said in a statement. "While overall revenues were down in the quarter, we were encouraged by continued strong demand at Industrial, the ramp-up of our new Latitude business jet and the positive customer reception to our new Longitude and Hemisphere jets."
So far today, 3.62 million shares of Textron have traded, versus its 30-day average of 1.93 million shares.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "buy" with a ratings score of B+. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, increase in net income, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and notable return on equity. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: TXT