Cessna jet maker Textron's revenue falls 4.2 pct

Reuters

Textron Inc reported a 4.2 percent fall in quarterly revenue, hurt by lower sales of its King Air turboprops.

The company, which also makes Beechcraft and Cessna planes and Bell helicopters, said it expected a profit of $2.60 to $2.80 per share in 2016. The company reported a profit of $2.50 per share for 2015.

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Revenue at its Bell division, which includes commercial helicopters, fell 3.4 percent to $1.04 billion in the fourth quarter due to lower commercial aftermarket volume, the company said.

Sales of business jets are expected to slow this year as weakening economies and simmering political tensions delay corporate purchases, according to a forecast by Honeywell International Inc in November.

Textron said its net income rose to $226 million, or 82 cents per share, in the quarter ended Jan. 2, from $212 million, or 76 cents per share, a year earlier.

Revenue fell to $3.92 billion from $4.10 billion.

Up to Tuesday's close, the company's shares had fallen 8.8 percent this year. (Reporting by Arunima Banerjee in Bengaluru; Editing by Maju Samuel)