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Textron narrows EPS outlook as quarterly earnings miss estimates

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Textron narrows EPS outlook as quarterly earnings miss estimates

Textron Inc. narrowed its 2018 earnings outlook after third-quarter earnings fell year over year.

The company reported non-GAAP income from continuing operations of $153 million in the third quarter, down from $174 million in the year-ago period.

Adjusted EPS from continuing operations dipped to 61 cents in the quarter from 65 cents in the previous year. The S&P Global Market Intelligence consensus normalized EPS estimate for the third quarter was 76 cents.

The company recorded an after-tax gain of $410 million related to the divestment of its tools and test unit, subject to post-closing adjustments.

Textron booked $3.20 billion in total revenues for the third quarter, down from $3.48 billion in the prior year. Aviation contributed $1.13 billion to the third-quarter revenues, while the industrial unit brought in $930 million in revenues.

The company is now targeting non-GAAP EPS from continuing operations in the range of $3.20 to $3.30 in 2018, compared with a previous guidance range of $3.15 to $3.35.