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Textron 3Q net income falls on weak jet demand

The Associated Press

NEWS: Textron Inc. said Friday that its third-quarter net income fell 34 percent, and it cut its full-year outlook, due to weaker demand for its Cessna business jets.

DETAILS: The military and civilian aircraft maker, which is based in Providence, R.I., said it sold 25 Cessna Citation jets in the third quarter, down from 41 in the same quarter a year ago. Revenue at its Cessna unit fell 24 percent to $593 million from $778 million a year ago.

The company said that its Bell business, which makes helicopters, was hurt by labor disputes. Revenue at Bell, and its other segments, rose slightly.

NUMBERS: Net income fell to $99 million, or 35 cents per share, in the three months ending Sept. 28. That compares to $151 million, or 51 cents per share, in the same period a year ago.

Analysts, on average, expected earnings of 47 cents per share, according to FactSet.

Revenue slipped to $2.9 billion in the third quarter from $3 billion a year ago. That's in line with what analysts expected.

FUTURE: The company lowered its 2013 earnings per share from continuing operations to $1.75 per share to $1.85 per share from its previous guidance of earnings between $1.90 per share and $2.10 per share.

Analyst expects earnings of $1.97 per share.

STOCK: Up 73 cents, or 2.7 percent, to $28.25 on Friday. Its shares are up 8 percent for the year.