Textron Q1 2024 earnings fall short of expectations

Textron reported its earnings today. First-quarter sales of $3.13 billion fell short of Wall Street expectations of $3.28 billion, and adjusted profit per share of $1.20 fell short of an expected $1.23 per share. Profit for the quarter was $201 million, up from $191 million last year. The company also announced plans to lay off about 4% of its global workforce, or 1,500 employees, due to its expanded restructuring plan.

Textron Aviation had strong demand, delivering 36 jets and 20 commercial turboprops during the quarter.  Bell revenues rose with higher military volume, and Textron Systems division remained flat.  The E-Aviation segment showed a loss, but the company has maintained its full-year guidance of adjusted EPS at $6.20 to $6.40.