Textron Inc. posted a net loss of $106 million, or 40 cents per share, for the fourth quarter of 2017 from a net income of $214 million, or 78 cents per share in the same prior-year period, hit primarily by the U.S. tax law.
A provisional tax charge of $1 per share related to the new tax law and 14 cents per share of restructuring charges affected the company's net earnings. On a non-GAAP basis, EPS was 74 cents, down from 80 cents in the fourth quarter of 2016.
Total revenues were $4.02 billion for the quarter, up from $3.83 billion in the comparable prior-year period.
Revenues at Textron Aviation dropped 3% to $1.39 billion, mainly driven by lower military volume, while Bell Helicopter revenues increased 11% to $983 million on higher military volumes. Textron systems and finance segment revenues were down at $489 million and $15 million, respectively, while the industrial segment revenues increased 20% to $1.14 billion.
Total segment profit was posted at $360 million for the fourth quarter, down from $391 million in the fourth quarter of 2016.
Textron forecasts full-year 2018 EPS to be in the range of $2.95 to $3.15, saying it will benefit from the new tax law with an effective rate of 22.5% for 2018.
In annual terms, full-year 2017 income from continuing operations came in at $1.14 per share, down from $3.09 per share in 2016, after a 99 cents per share tax charge and 32 cents per share of restructuring charges.
