Textron Fastener Revenue Grows
Textron Fastener Revenue Grows
Jason Sandefur
Higher fastener sales boosted overall revenues at Textron Inc. in 2004. Textron Fastening Systems reported revenue increased 10.7% to $1.92 billion during the year, while TFS profit dipped 19.7% to $53 million.
For the fourth quarter TFS revenue gained 4.8% to $479 million, while profit declined 52.9% to $8 million. Textron said segment revenues benefited from higher prices, which were offset by lower sales volume. “Profit decreased due to inflation, new plant launch costs and lower volumes & Inflation included higher steel costs, which were only partially offset by pricing actions during the quarter,” the company reported.
Overall Textron revenue improved 4.6% to $10.2 billion, while profit jumped 40.9% to $365 million. Overall Q4 revenues increased 5.7% to $2.83 billion, while profit swelled 50.6% to $125 million.
CEO Lewis Campbell said Textron expects 2005 revenues to grow about 7%. “Our outlook for growth in 2005 and beyond is increasingly positive as we see continuing expansion in our markets,” Lewis stated. Web: textron.com �2005 FastenerNews.com
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