Textron stock was hit hard on Thursday following the release of its earnings report for the third quarter of 2018.
Textron’s (NYSE:TXT) most recent earnings report includes earnings per share of 61 cents. This is a drop from the company’s earnings per share of 65 cents from the same period of the year prior. It was also bad news for Textron stock by coming in below Wall Street’s earnings per share estimate of 76 cents for the quarter.
Textron also reported net income of $563 million for the third quarter of the year. This is up from the defense and aerospace company’s net income of $159 million reported during the third quarter of the previous year.
During the third quarter of 2018, Textron reported revenue of $3.20 billion. This is a decrease from the company’s revenue of $3.48 billion reported during the third quarter of 2017. It was also a blow to Textron stock by easily missing analysts’ revenue estimate of $3.53 billion for the period.
Textron also provided an update to its outlook for the full year of 2018 in its most recent earnings report. The company says that it now expects earnings per share for the year to range from $3.20 to $3.30. The company was previously expecting earnings per share for the year to come in between $3.15 and $3.35. This doesn’t look good for Textron stock was Wall Street is estimating earnings per share of $3.32 for the full year of 2018.
TXT stock was down 10% as of Thursday afternoon, but is up 12% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.