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Textron Sales Increase Slightly in 2010

Textron Inc. (NYSE: TXT), Providence, RI, reported sales for 2010 were $10.5 billion, up slightly over sales in 2009. Profit was $86 million, compared to a year- ago loss of $31 million.

For the fourth quarter, sales were $3.12 billion, up 11.2 percent over fourth quarter 2009. Profit was $60 million, compared to a year-ago loss of $63 million.

"Fourth quarter results benefited from increased demand in our commercial businesses and strong performance at Bell," CEO Scott C. Donnelly said. "We're particularly encouraged by the pick-up in business jet and commercial helicopter demand, driven in part by the impact of bonus depreciation in the United States, but also reflecting relative stability in global economies and improving general business confidence."

Industrial segment revenues were $638 million in the fourth quarter due to higher volumes at Kautex, Greenlee and Jacobsen, which resulted in segment profit of $25 million. For fourth quarter 2009, industrial segment profit was $18 million on sales of $572 million.

Cessna's revenues increased $105 million to $960 million in the fourth quarter from the same period in the prior year, reflecting higher overall volume, Segment profit decreased $5 million to $23 million.

Bell's revenues increased 21.5 percent to $975 million in the fourth quarter from the same period in the prior year. U.S. Government revenues increased $54 million due to higher V-22 and H-1 deliveries. Commercial revenues increased $119 million. Segment profit increased 64.3 percent to $138 million.

Revenues at Textron Systems increased 5 percent to $527 million primarily due to higher volumes of unmanned aircraft systems and unattended ground systems. Segment profit fell 15.4 percent to $55 million.

The Finance segment reported a fourth-quarter loss of $57 million, compared to a year-ago loss of $65 million, primarily due to reduced earnings on lower finance receivables.

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