Textron third-quarter earnings shy of Wall Street expectations


Diversified U.S. manufacturer Textron Inc reported a weaker-than-expected 6.3 percent rise in quarterly profit as its Cessna corporate aircraft and military equipment units notched weak growth.

The world's largest maker of corporate jets said on Wednesday that third-quarter net profit came to $151 million, or 51 cents per share, compared with $142 million, or 47 cents per share, a year earlier.

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Factoring out income from discontinued operations, profit was 48 cents per share, below the 51 cents that analysts, on average, had expected, according to Thomson Reuters I/B/E/S.

Revenue at the company, which also makes Bell helicopters and EZ-Go golf carts and industrial components, rose 6.6 percent to $3 billion from $2.8 billion a year earlier.

Textron raised its full-year profit forecast, and now looks for $1.95 to $2.05 per share, up from $1.80 to $2 per share. At its midpoint, the new range would represent a greater than 50 percent increase.

(Reporting by Scott Malone in Boston; Editing by Lisa Von Ahn and Jeffrey Benkoe)