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Textron Inc (TXT) has reported a 69.30 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $214 million, or $0.78 a share in the quarter, compared with $697 million, or $2.50 a share for the same period last year. On an adjusted basis, the company has earned $220 million, or $0.80 a share for the quarter.
Revenue during the quarter plunged 71.50 percent to $3,825 million from $13,423 million in the previous year period. Gross margin for the quarter was at 10.22 percent.
“Overall, revenues were down in the quarter but we were encouraged by increasing demand at Industrial and strong operating performance at Bell.” said Textron chairman and chief executive officer Scott C. Donnelly. “We also completed the first flight of our production Scorpion jet as we continued to ramp investment in this program to position us to compete for opportunities in 2017.”
For financial year 2017, Textron projects net income to be in the range of $647 million to $716 million. For the financial year 2017, Textron expects adjusted net income to be in the range of $675 million to $730 million. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $2.40 to $2.65. For fiscal year 2017, the company expects diluted earnings per share to be in the range of $2.50 to $2.70 on adjusted basis.
Operating cash flow declines
Textron Inc has generated cash of $1,014 million from operating activities during the year, down 7.31 percent or $80 million, when compared with the last year. The company has spent $523 million cash to meet investing activities during the year as against cash outgo of $388 million in the last year. It has incurred net capital expenditure of $402 million on net basis during the year, up 13.88 percent or $49 million from year ago.
The company has spent $168 million cash to carry out financing activities during the year as against cash outgo of $504 million in the last year period.
Cash and cash equivalents stood at $1,137 million as on Dec. 31, 2016, up 13.13 percent or $132 million from $1,005 million on Jan. 02, 2016.
Working capital increases
Textron Inc has recorded an increase in the working capital over the last year. It stood at $3,160 million as at Dec. 31, 2016, up 15.12 percent or $415 million from $2,745 million on Jan. 02, 2016. Current ratio was at 1.81 as on Dec. 31, 2016, up from 1.72 on Jan. 02, 2016.
Debt comes down
Textron Inc has recorded a decline in total debt over the last one year. It stood at $2,777 million as on Dec. 31, 2016, down 23.07 percent or $833 million from $3,610 million on Jan. 02, 2016. Total debt was 18.08 percent of total assets as on Dec. 31, 2016, compared with 24.54 percent on Jan. 02, 2016. Debt to equity ratio was at 0.50 as on Dec. 31, 2016, down from 0.73 as on Jan. 02, 2016. Interest coverage ratio improved to 8.17 for the quarter from 6.75 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
