PROVIDENCE, R.I. – Textron reported second quarter earnings per share of 82 cents and net income of $116 million compared to last year’s earnings per share of $1.10 and net income of $157 million.
After restructuring, however, which included a pre-tax gain of $25 million from transactions related to the divesture of Automotive Trim and pre-tax charges and costs related to restructuring in the second quarter of 2002, reported earnings per share were 74 cents and net income was $105 million compared with last year’s reported earnings per share of 88 cents and net income of $126 million
“Given the continued weakness in many of our industrial markets, we are pleased with our results for the quarter, which reflect our aggressive cost reduction activities,” said Textron Chairman, President and Chief Executive Officer Lewis Campbell. “We remain confident in our ability to achieve our full year EPS and free cash flow targets.
Textron said that it expects earnings per share of approximately 68 cents before special charges and costs related to restructuring in the third quarter. The Company continues to expect full-year earnings per share of approximately $3, before special charges, costs related to restructuring, the gain from transactions related to the divested Automotive Trim business and the transitional goodwill impairment charge. The company also continues to expect free cash flow before restructuring for the year of approximately $325 million.