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Textron Q3 profit climbs YOY

Textron Inc. said its third-quarter normalized net income came to 53 cents per share, compared with the S&P Capital IQ consensus estimate of 62 cents per share.

EPS rose year over year from 51 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $142.5 million, a gain from $138.8 million in the third quarter ended Oct. 1, 2016.

The normalized profit margin dropped to 4.1% from 4.3% in the year-earlier period.

Total revenue increased 7.2% year over year to $3.48 billion from $3.25 billion, and total operating expenses increased 7.5% from the prior-year period to $3.22 billion from $2.99 billion.

Reported net income decreased 46.5% year over year to $160.2 million, or 60 cents per share, from $299.3 million, or $1.10 per share.