January 26, 2011 / 12:10 PM / in 7 years

UPDATE 2-Textron profits top Street view, sets 2011 outlook

* Adjusted EPS $0.33 tops $0.25 analysts view

* Sees 2011 EPS from cont. ops of $1 to $1.15

* CEO says business jet demand recovering

BOSTON, Jan 26 (Reuters) - Diversified U.S. manufacturer Textron Inc (TXT.N) posted a quarterly profit above Wall Street’s estimates and said it expected earnings to more than triple this year as demand for business jets begins to recover from a two-year slump and results improve at its finance arm.

Fourth-quarter profit at the world’s largest maker of corporate aircraft came to 33 cents per share, excluding one-time items, topping the 25 cents that analysts had forecast, according to Thomson Reuters I/B/E/S.

“We’re particularly encouraged by the pickup in business jet and commercial helicopter demand,” said Chief Executive Officer Scott Donnelly, a former General Electric Co (GE.N) executive whom Textron brought on board in 2008 and charged with getting its financial house in order.

The company said it had completed its restructuring — which included shedding thousands of jobs over the past two years — in the fourth quarter.

Textron, which also makes Bell helicopters and EZ-Go golf carts, forecast a 2011 profit of $1 to $1.15 per share from continuing operations, compared with the 30 cents it reported for 2010.

The company had previously forecast a return to profit growth in 2011, but did not say by how much.

Analysts had forecast 2011 profit of $1.26 per share, according to Thomson Reuters I/B/E/S.

Textron shares have risen about 24 percent over the past year, slightly trailing the 26 percent rise of the Standard & Poor’s capital goods industry index .GSPIC.

The company’s rivals include the Gulfstream unit of General Dynamics Corp (GD.N) and Canada’s Bombardier Inc (BBDb.TO) in corporate jets, and United Technologies Corp (UTX.N) in helicopters. (Reporting by Scott Malone; Editing by Lisa Von Ahn)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below