Textron Beats Q3 Earnings Expectations With Notable Aviation Growth
Portfolio Pulse from Lekha Gupta
Textron Inc (NYSE:TXT) reported Q3 FY23 sales growth of $3.34 billion, missing the consensus of $3.476 billion, but adjusted EPS of $1.49 beat the consensus of $1.29. The company saw strong growth in its Aviation sector, with revenues of $1.3 billion, up $171 million Y/Y. The company also declared a quarterly dividend per share of $0.02, payable on January 1, 2024. In Q3, Textron returned $235 million to shareholders through share repurchases. The company raised its FY23 outlook, expecting adjusted EPS from continuing operations of $5.45 to $5.55.
October 26, 2023 | 4:59 pm
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Textron's Q3 earnings beat expectations, driven by strong growth in its Aviation sector. The company also declared a dividend and raised its FY23 outlook, which could positively impact its stock price.
Textron's better-than-expected Q3 earnings, driven by strong growth in its Aviation sector, are positive news for the company. The declaration of a dividend and the raising of its FY23 outlook are also positive signals that could attract investors and drive up the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100