TFS Sales & Profit Improve
TFS Sales & Profit Improve
Jason Sandefur
Strong volume growth helped Textron Fastening Systems report a sales gain of 15.8% to $497 million during the first quarter of 2004. TFS profit rose 11.1% to $20 million.
Improved results from TFS and Textron Inc.�s Industrial segment helped offset an overall Q1 sales decline of 2% to $2.35 billion for Providence, RI-based Textron. Lower volumes in the company�s aircraft businesses affected performance. Net income slipped 44% to $37 million.
“We are encouraged by the recovery that appears to be underway in many of our markets. We experienced strong orders at Cessna and Bell during the quarter and solid growth in volume at Fastening Systems, Kautex and Greenlee,” stated CEO Lewis Campbell. Web: textron.com �2004 FastenerNews.com
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