Textron Inc. (TXT: Quote) reported that its fourth-quarter net income was $148 million or $0.51 per share, compared to a loss of $19 million or $0.07 per share in the same quarter last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.56 per share for the quarter. Analysts’ estimates typically exclude special items.
Income from continuing operations for the quarter was $0.50 per share, compared to a loss of $0.06 per share in the fourth quarter of 2011. This year’s fourth quarter results included a previously disclosed after-tax charge of $0.06 per share at Cessna related to an unfavorable business arbitration award. Last year’s fourth quarter included net charges of $0.55 per share.
Total revenues for the quarter rose to $3.36 billion from $3.25 billion in the prior year quarter. Ten analysts had consensus revenue estimate of $3.42 billion for the quarter.
During the fourth quarter, the company repurchased 11.1 million of its common shares under its previous share repurchase authorization. On January 22, 2013 Textron’s Board of Directors approved a new authorization for 25 million shares, under which the company intends to purchase shares to offset the impact of dilution from stock-based compensation and benefit plans and for opportunistic capital management purposes.
The company expects 2013 revenues of approximately $12.9 billion, up about 6% from 2012. Earnings per share from continuing operations are expected to be in the range of $2.10 to $2.30. Analysts expect the company to report earnings of $2.24 per share on revenues of $12.87 billion for fiscal 2013.
To receive FREE breaking news email alerts for Textron Inc. and others in your portfolio
by RTT Staff Writer
For comments and feedback: editorial@rttnews.comBusiness News