Textron Fastener Sales Drop
Textron Fastener Sales Drop
Jason Sandefur
Textron Fastening Systems revenue fell $7 million during the third quarter of 2003, while Q3 profit decreased $11 million. Revenue declines were driven by lower sales volume and pricing. Profit was reduced by lower sales volume and an unfavorable mix. Textron said improved cost performance and the favorable impact of foreign exchange were offset by inflation and lower pricing.
Textron Inc. reported Q3 income from continuing operations dropped 37% to $47 million on Q3 revenue of $2.2 billion, a 12% decline. Revenue results were partially offset by a favorable foreign exchange at TFS and Textron�s Industrial segment.
“Overall, we performed slightly above our range of expectations for the quarter, in spite of weaker than expected demand in our Fastening Systems, E-Z-GO and Jacobsen end markets” said CEO Lewis Campbell. “While we have not yet seen signs of a recovery in industrial demand, we are encouraged by a modest pick-up in the business jet market. Web: textron.com �2003 FastenerNews.com
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