Textron Inc's 2Q Results: Postgame Scorecard
Textron Inc's (NYSE:TXT) profit climbed in the second quarter, topping analysts' expectations.
Earnings and Revenue The company's EPS beat Wall Street estimates and the company's revenues fell in line with predictions. The company reported EPS of 58 cents a share versus the 44 cents a share estimate and revenues of $3 billion versus the $2.99 billion estimate. The company's reported EPS came in above the high estimate of 11 analysts of a profit of 45 cents.
The company's net income for the quarter rose 91.1% to $172 million. Revenue climbed 10% from $2.73 billion in the same period last year.
Company Fundamental Trends The company's revenue has grown during at least each of the past four quarters on a year-over-year basis.
History Against Expectations The company has now topped analyst estimates for at least the last four quarters. It beat by 5 cents in the first quarter, 15 cents in the fourth quarter of the last fiscal year and 14 cents in the third quarter of the last fiscal year.
Official Comment: "The payoff from investing in new products and services is reflected in our double digit revenue growth during the quarter and our focus on operational execution is driving solid results," said Textron Chairman and CEO Scott C. Donnelly. He continued, "We are also very pleased with recent significant program wins, including the Canadian Tactical Armored Patrol Vehicle, the U.S. Navy's Ship-to-Shore Connector, upgrades to the U.S. Army's Shadow TUAS, and an agreement with NetJets to provide up to 150 Citation Latitudes for their fleet, all of which help contribute to the positive outlook we have for our businesses."
Estimates provided by Zacks Investment Research and company fundamentals from Xignite Financials.