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Textron fiscal Q2 profit climbs YOY

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Textron fiscal Q2 profit climbs YOY

Textron Inc. said its normalized net income for the fiscal second quarter ended July 4 amounted to 54 cents per share, compared with the S&P Capital IQ consensus estimate of 59 cents per share.

EPS climbed 5.8% year over year from 51 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $150.6 million, a gain from $143.8 million in the second quarter ended June 28, 2014.

The normalized profit margin climbed to 4.6% from 4.1% in the year-earlier period.

Total revenue declined 7.4% on an annual basis to $3.25 billion from $3.50 billion, and total operating expenses decreased 8.2% from the prior-year period to $2.97 billion from $3.24 billion.

Reported net income increased 16.5% on an annual basis to $168.0 million, or 60 cents per share, from $144.2 million, or 51 cents per share.