Textron 1Q Revenue, Earnings Top Street Outlook on Jet & Unmanned Deliveries

Textron (NYSE: TXT) — one of 30 companies listed in Executive Mosaic’s GovCon Index — has reported first quarter revenue that topped Wall Street’s expectations to snap a streak of eight straight quarters of sales below analyst outlooks.

The Providence, R.I.-based defense and industrial conglomerate said first quarter revenue totaled $3.2 billion to register a 4.23-percent increase from the prior year period on higher deliveries of jets and unmanned platforms within its aviation and systems segments respectively.

Contributions from acquisitions to the industrial business also factored in the year-over-year sales growth, Textron said.

Wall Street analysts expected the company to report $3.15 billion in revenue for the first quarter.

Earnings for the Bell Helicopter and Beechcraft aircraft manufacturer came in at 55 cents versus the Wall Street outlook of 53 cents per share.

Textron — also listed in the S&P 500 composite index — posted an overall first quarter profit of $150 million, up 17.79 percent from the same period last year.

The company held to its guidance for 2016 that forecasts earnings of $2.60-to-$2.80 per share compared to analysts’ expectations of $2.71.

As of Tuesday’s close, shares in Textron have declined 9.43 percent from the year’s start and are down 15.09 percent over 12 months.

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