Textron Fastening Sales Up
Textron Fastening Sales Up
Jason Sandefur
Textron Fastening Systems reported revenue for the second quarter of 2003 grew 3.7% to $447 million, while profit remained unchanged at $21 million. Sales volume was lower but revenues increased due a favorable foreign exchange, the company stated.
For the first six months of 2003, TFS revenue grew 6% to $876 million, while profit increased 26% to $39 million.
Providence, RI-based Textron reported overall Q2 revenue slipped 7% to $2.6 billion, and net income dropped 40% to $63 million.
First half revenue declined 3.5% to $5.05 billion, while net income grew to $129 million compared with a $326 million loss during the first six months of 2002.
All Textron business segments recorded Q2 revenue gains except Cessna, which posted a $282 million decline in sales and a $55 million drop in profit. Web: textron.com �2003 FastenerNews.com
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