Textron Fastener Sales Grow
Textron Fastener Sales Grow
Jason Sandefur
Higher sales volume helped Textron Fastening Systems increase revenue $47 million during the second quarter of 2004. Q2 profit grew $3 million due to improved cost performance, greater sales and the favorable impact of foreign exchange. TFS said those increases were partially offset by higher steel costs.
Overall, Textron Inc. reported Q2 income grew 58% to $100 million, while revenues edged up to $2.55 billion. The Providence, RI-based manufacturer said higher volumes in the Fastening and Industrial segments were more than offset by lower volumes in its aircraft businesses, which include Bell helicopters and Cessna jets. “The ongoing recovery in our end markets and the benefits of our enterprise management initiatives are becoming increasingly evident in our results as we delivered significantly improved net operating profit and cash flow. We also booked strong orders that will drive our future growth,” said CEO Lewis Campbell. Web: textron.com �2004 FastenerNews.com
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