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April 20, 2006

Profits up at Textron

Textron today reported first quarter profits of $158 million, or $1.19 a share, up from $84 million or 61 cents a share for the same period last year. Textron, based in Providence, said sales in the period hit $2.63 billion, an increase of 15 percent.

Bloomberg News credited the strength of Textron's Cessna commercial aircraft division and an increase in orders for its armored security vehicles used in Iraq. The company's V-22 Osprey tilt-rotor aircraft was also cleared last year for full production.

"With a record backlog of $6.3 billion and a full new product pipeline, the outlook for Cessna is solid,'' an analyist for Credit Suisse First Boston wrote before today's earnings were released.

Read the company press release.

Posted by   at 7:31 AM | Permalink

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