Why Textron Shares Are Falling Today
Shares of Textron (NYSE: TXT) fell 10% on Thursday morning after the industrial conglomerate reported first-quarter results that came in well short of expectations. Investors knew the COVID-19 pandemic would significantly affect operations, but that impact was even more severe than imagined.
On Thursday morning, Textron reported first-quarter adjusted earnings of $0.35 per share on revenue of $2.78 billion, short of the analyst consensus for $0.47 per share in earnings on revenue of $3 billion. Revenue was down $332 million, or 10%, year over year, largely due to the pandemic.
"Our team is meeting the unprecedented challenges presented by this pandemic with a commitment to the health and safety of our employees and communities while meeting customer commitments," CEO Scott C. Donnelly said in a statement. "We have taken measures to reduce cost and conserve cash, including temporary plant shutdowns and employee furloughs at many of our commercial businesses."
Source Fool.com
