Textron Profits Drop 29%
June 01
00:00
2001
Textron Profits Drop 29%
John Wolz
Falling automotive and industrial components sales hurt Textron Inc. first quarter 2001 profits.
Earnings totaled $143 million, compared with $158 million during the same period of 2000.
First quarter 2001 sales fell to $3.04 billion from $3.29 billion during the same period last year.
Textron lowered expectations for 2001 earnings per share from analysts� $4.74 to $4.65. CEO Lewis Campbell blamed “economic negatives” for the revision.
Textron has announced plans to shift away from its traditional reliance on automotive products.
There are no comments at the moment, do you want to add one?
Write a comment