Textron Inc. (NYSE: TXT), Providence, RI, reported sales in the first quarter 2010 were $2.2 billion, down 12.5 percent from last year, reflecting lower deliveries of aircraft and the downsizing of the company's finance business.
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“Our first quarter results reflected solid performance in our defense-related businesses, significant recovery in our Industrial segment and cost benefits across the company from our restructuring program,” said Textron President and CEO Scott C. Donnelly.
Donnelly continued: “As evidenced by our Industrial segment revenues, which were up 32% from a year ago, world economies generally appear to be recovering. We believe the economic trend will translate to an eventual rebound in orders for business jets and commercial helicopters, as well.”
Revenues at Textron Systems increased $40 million, and segment profit was up $3 million, due to higher defense volumes. Revenue in the Industrial segment increased $150 million, due to higher automotive volume. Industrial segment profit increased $58 million due to higher volume and improved cost performance, partially offset by higher inflation net of pricing.
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