Global Fastener News

Textron Fastening Revenue Drops in 1st Quarter

John Wolz

Textron Inc. reported first quarter revenue totaled $2.4 billion, down 20% from the same period of 2001. Textron attributed the decrease divestitures of Automotive Trim and other businesses and soft sales across most segments, partially offset by higher sales in the Aircraft segment.
Textron Fastening Systems revenues dropped $70 million and profit decreased $32 million primarily due to lower volume and customer price reductions, as well as the unfavorable impact of foreign exchange. Profit decreased primarily due to lower sales, manufacturing inefficiencies associated with smaller production lots and customer price reductions, partially offset by the benefit of restructuring and other cost reduction activities. Web: textron.com.
Textron CEO Lewis Campbell said “cash management and delivering earnings in line with our plan were noteworthy accomplishments despite the continuing challenges of a weak economy. We were able to substantially improve our cash results during the quarter even on lower revenues due to our enterprise-wide emphasis on supply chain management, our progress with restructuring and our management’s focus on improving return on invested capital.” Web: textron.com �2002 FastenerNews.com