By Rob Curran
Textron's fourth-quarter net income fell 29% following disruption from a strike earlier in the year, but the maker of Cessna jets and other aerospace, defense and industrial goods forecast earnings growth for 2025.
The industrial conglomerate posted earnings of $141 million, or 76 cents a share, for the quarter ended Dec. 28, down from $198 million, or $1.01 a share, a year earlier, and shy of the average analyst estimate of 94 cents a share, as per FactSet.
Excluding certain one-off items, Textron logged adjusted earnings of $1.34 a share.
Revenue fell 7.2% to $3.61 billion, shy of the average Wall Street target of $3.75 billion, as tallied by FactSet.
For 2025, the Providence, R.I., company projected earnings from continuing operations in a range between $5.19 and $5.39 a share, and adjusted earnings in a range between $6 and $6.20 a share. For 2024, Textron logged earnings from continuing operations of $4.34 a share. Textron forecast cash produced by operating activities of its manufacturing group in a range between $1.2 billion and $1.3 billion for the year.
During the third quarter, Textron Aviation workers went on strike, which lasted for several weeks and weighed on financial performance for the year.
"While a work stoppage at Textron Aviation impacted our 2024 financial results, we saw strong order activity, aftermarket growth, and continued new product development activities with the announcement of the Gen3 family of light jets," said Chairman and Chief Executive Scott Donnelly, in a statement.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
January 22, 2025 06:52 ET (11:52 GMT)
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