Global Fastener News

Textron Fastening 3Q Sales Down

John L. Wolz

Textron Fastening Systems third quarter 2003 revenue
dropped $7 million and profit was off $11 million.
Textron reported revenue decreased “primarily due to
lower sales volume and lower pricing, substantially
offset by the favorable impact of foreign exchange.
Profit decreased primarily due to the lower sales
volume and unfavorable mix. Improved cost performance
and the favorable impact of foreign exchange were
offset by inflation and lower pricing.”
Overall, Textron Inc. reported third quarter income of
$47 million. Revenue totaled $2.2 billion, down from
$2.5 billion in the same period of 2002. All Textron
businesses, except Kautex and Textron Systems, had
lower sales.
“Overall, we performed slightly above
ourrange of expectations for the quarter, in spite of
weaker than expected demand in our Fastening Systems,
EZ Go and Jacobsen end markets,” CEO Lewis Campbell
said. Web: textronfasteningsystems.com � FastenerNews.com