Textron Reports Strong Quarter
Textron Reports Strong Quarter
Jason Sandefur
Textron Inc. reported strong results in the first quarter of 2006, with revenue rising 15.9% to $2.63 billion and net income grew 33% to $168 million.
“The company remains on track to deliver full-year manufacturing cash flow from continuing operations of about $1 billion,” Textron stated.
Q1 results do not include revenue from Textron Fastening Systems, which was listed as discontinued operations in the fourth quarter of 2005. Textron is involved in an “active” process to sell TFS, which has been hit hard by a declining domestic auto industry. While TFS revenue figures for Q1 were not released, Textron said TFS posted a $10 million quarterly profit compared with a loss of $5 million during the first quarter of 2005. Web: textron.com �2006 FastenerNews.com
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