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Textron fiscal Q2 profit falls YOY

Textron Inc. said its normalized net income for the fiscal second quarter ended July 1 came to 53 cents per share, compared with the S&P Capital IQ consensus estimate of 55 cents per share.

EPS fell 11.7% year over year from 60 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $142.5 million, a decline of 12.3% from $162.5 million in the year-earlier period.

The normalized profit margin declined to 4.0% from 4.6% in the year-earlier period.

Total revenue increased on an annual basis to $3.60 billion from $3.51 billion, and total operating expenses grew year over year to $3.34 billion from $3.21 billion.

Reported net income decreased 14.3% from the prior-year period to $153.5 million, or 57 cents per share, from $179.1 million, or 66 cents per share.