Textron Stock Drops On Q1 Earnings, Job Cuts

(RTTNews) - Shares of Textron inc. (TXT) are falling over 12 percent on Thursday after the company's first-quarter earnings missed the analysts' estimates. The company also announced lay-offs.

For the quarter, profit stood at $201 million, or $1.03 per share compared to $191 million, or $0.92 per share, in last year's quarter.

On adjusted-basis, earnings rose to $233 million or $1.20 per share from $218 million or $1.05 per share. However, it was lower than analysts' estimate of $1.23 per share.

The company's revenue for the quarter increased 4 percent to $3.14 billion from $3.02 billion last year.

The Rhode Island-based company also announced its plan to layoff around 4 percent of its global workforce or 1,500 employees due to its expanded restructuring plan.

Currently, Textron's stock is moving down 12.34 percent, to $82.41 over the previous close of $94.01 on the New York Stock Exchange.