TFS Sees Strong Q3 Sales
TFS Sees Strong Q3 Sales
Jason Sandefur
Textron Fastening Systems revenue rose 12.3% to $454 million during the third quarter of 2004, bolstered by higher sales volume and increased pricing. Q3 fastener profit fell 90% to $1 million, diminished by plant consolidation costs and higher steel costs.
For the first nine months of 2004, fastener sales grew 12.9% to $1.44 billion, while profit slipped 8% to $45 million.
Overall Q3 revenue for Textron climbed 15% to $2.57 billion, while net income more than doubled to $103 million. “The majority of our end markets continued to strengthen and helped drive our top-line growth for the quarter,” stated CEO Lewis Campbell.
Nine-month sales grew 4.3% to $7.47 billion, and net income improved 15.8% to $622 million. Web: textron.com �2004 FastenerNews.com
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