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Textron profit misses consensus by 20.6% in Q4

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Textron profit misses consensus by 20.6% in Q4

Textron Inc. said its normalized net income for the fourth quarter came to 69 cents per share, compared with the S&P Capital IQ consensus estimate of 87 cents per share.

In the prior-year period, the per-share result came in at a profit of 69 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $188.8 million, a decrease from $191.3 million in the fourth quarter ended Jan. 2, 2016.

The normalized profit margin climbed to 4.9% from 4.9% in the year-earlier period.

Total revenue declined year over year to $3.83 billion from $3.92 billion, and total operating expenses decreased on an annual basis to $3.49 billion from $3.58 billion.

Reported net income declined 5.1% on an annual basis to $213.2 million, or 78 cents per share, from $224.6 million, or 81 cents per share.

For the year, the company's normalized net income totaled $2.29 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.70.

EPS rose from $2.20 in the prior year.

Normalized net income was $624.4 million, an increase from $614.4 million in the prior year.

Full-year total revenue increased year over year to $13.79 billion from $13.42 billion, and total operating expenses grew on an annual basis to $12.65 billion from $12.31 billion.

The company said reported net income increased on an annual basis to $841.6 million, or $3.09 per share, in the full year, from $696.8 million, or $2.50 per share.