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Textron profit misses consensus by 21.5% in fiscal Q1

Textron Inc. said its normalized net income for the fiscal first quarter ended April 1 came to 36 cents per share, compared with the S&P Capital IQ consensus estimate of 46 cents per share.

EPS fell 26.5% year over year from 49 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $98.8 million, a decrease of 26.5% from $134.4 million in the year-earlier period.

The normalized profit margin declined to 3.2% from 4.2% in the year-earlier period.

Total revenue decreased year over year to $3.09 billion from $3.20 billion, and total operating expenses fell from the prior-year period to $2.90 billion from $2.95 billion.

Reported net income fell 32.8% year over year to $100.9 million, or 37 cents per share, from $150.2 million, or 55 cents per share.