Textron Q3 Profit Down; Lowers FY13 Targets - Quick Facts

(RTTNews) - Textron Inc. (TXT), Friday reported a decrease in the third quarter net income, reflecting lower revenues from both its segments. The company lowered its full-year earnings guidance to reflect lower margins at Bell.

For the three-month period, the company reported net income of $99 million or $0.35 per share, compared $151 million or $0.51 per share. The manufacturing segment profit decreased to $195 million from prior year's $254 million. The finance segment profit was $208 million, compared with $282 million last year.

On average, thirteen analysts polled by Thomson Reuters expected the company to report earnings per share of $0.47 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues decreased to $2.9 billion, from prior year's $3 billion. Analysts expected the company to generate revenues of $ 2.97 billion the quarter.

Looking forward, the company lowered its full-year 2013 earnings guidance to range between $1.75 - $1.85 per share, from previous expectations of $1.90 - $2.10 per share. Analysts expect the company to report earnings of $1.97 per share for the year. This reflects lower margins at Bell, and lower aircraft deliveries at Cessna.