Textron Reaffirms That Period Results Will Hit Projections
ROVIDENCE, R.I. -- Textron Inc. reaffirmed its confidence in meeting analysts' expectations for the recently ended fourth quarter and full year.</br></br>The earnings projection was issued as a number of big industrial companies, including Textron, took a beating in the stock market yesterday.</br></br>The share-price drop, however, wasn't linked to any serious problems at Textron -- an aircraft, automotive, industrial and finance company -- but a general selloff in the market of older-line industrial issues, said Brian Eisenbarth, analyst for Collins & Co. in San Francisco.</br></br>At the 4 p.m. close of New York Stock Exchange trading yesterday, Textron stood at $57.875, down $5.375, or 8.5%.</br></br>A First Call/Thomson Financial survey of 11 analysts put the mean earnings estimate for Textron at $1.11 a share for the fourth quarter and $4.04 a share for the year ended Dec. 31.