PROVIDENCE, R.I. (AP) — Textron Inc. said Wednesday it turned a profit in the first quarter as its Cessna aircraft business reported greater revenue and its Bell helicopter division delivered more military aircraft.
Textron earned $29 million, or 9 cents per share, in the three months ended April 2. A year ago, the company took a loss of $8 million, or 3 cents per share, on a decrease in aircraft deliveries along with restructuring charges and costs related to the federal health care overhaul law. Textron earned 10 cents per share from continuing operations.
Revenue rose 12 percent to $2.48 billion from $2.21 billion.
Analysts expected a larger profit of 17 cents per share and $2.51 billion in revenue, according to FactSet.
In morning trading, Textron shares slipped 76 cents, or 2.9 percent, to $25.03.
Revenue for the Bell helicopter division rose 21 percent to $749 million as Bell delivered more military aircraft like V-22 Osprey.
The company said revenue for the Cessna business grew 28 percent to $556 million. Cessna delivered 31 Citation jets, the same as in the first quarter of 2010, but revenue grew because it sold more midsize new jets and used jets. However, the business posted a loss because of greater expenses and a decrease in deposit forfeiture income.
Revenue for the Textron Systems declined 3 percent to $445 million on lower demand for armored security vehicle aftermarket services.
Greater sales volumes at the Kautex, Greenlee and Jacobsen businesses helped increase Textron's industrial revenue 12 percent, to $703 million.
Textron backed its annual profit forecast of $1 to $1.15 per share. The company said the commercial aircraft market is recovering, and Bell and Cessna should deliver more devices this year than in 2010. Analysts expect a profit of $1.17 per share, on average.