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Textron fiscal Q3 profit climbs 7.7% YOY

Textron Inc. said its normalized net income for the fiscal third quarter ended Oct. 3 came to 57 cents per share, compared with the S&P Capital IQ consensus estimate of 61 cents per share.

EPS increased 8.9% year over year from 52 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $157.5 million, a gain of 7.7% from $146.3 million in the third quarter ended Sept. 27, 2014.

The normalized profit margin rose to 5.0% from 4.3% in the year-earlier period.

Total revenue decreased 7.3% year over year to $3.18 billion from $3.43 billion, and total operating expenses declined 8.4% year over year to $2.90 billion from $3.16 billion.

Reported net income rose 9.3% year over year to $175.2 million, or 63 cents per share, from $160.2 million, or 57 cents per share.