Textron Inc. (TXT) has reported a 32.67 percent plunge in profit for the quarter ended Apr. 01, 2017. The company has earned $101 million, or $0.37 a share in the quarter, compared with $150 million, or $0.55 a share for the same period last year. On an adjusted basis, the company has earned $125 million, or $0.46 a share for the quarter.

Revenue during the quarter dropped 3.37 percent to $3,093 million from $3,201 million in the previous year period. Total expenses were 0.87 percent of quarterly revenues, up from 1 percent for the same period last year.

"Overall, revenues and profit were down in the quarter consistent with our expectations," said Textron chairman and chief executive officer Scott C. Donnelly. "We are continuing to execute our restructuring plan while maintaining our focus on new product investment and the integration of acquired businesses, all of which will have a positive impact on our long term growth outlook."

For fiscal year 2017, Textron Inc. forecasts net income from continuing operations to be in the range of $600 million to $659 million and projects adjusted net income to be in the range of $650 million to $700 million. The company projects diluted earnings per share from continuing operations to be in the range of $2.22 to $2.45 and projects diluted earnings per share to be in the range of $2.40 to $2.60 on adjusted basis.

The company has spent $366 million cash to meet investing activities during the quarter as against cash outgo of $225 million in the last year period.

Cash flow from financing activities was $251 million for the quarter, up 74.31 percent or $107 million, when compared with the last year period.

Cash and cash equivalents stood at stood at $858 million as at Apr. 01, 2017.