Textron Posts Better-Than-Expected Q2 Results; Ups Guidance

Textron TXT has reported its Q2 EPS, ex-items, at $0.29, handily beating the Street view of $0.09. TXT’s revenues for the quarter came in at $2.7 billion versus the consensus expectations of $2.49 billion. Textron President and CEO Scott C. Donnelly said in a statement, "Solid manufacturing performance in the quarter reflected our lower cost structure, good operational execution and the ramp-up in our military programs at Bell.” TXT raised its forecast for earnings from continuing operations excluding special charges to $0.55-$0.65 a share, from the previous guidance of $0.30-$0.50. The company has also raised its finance receivables liquidations projections for 2010 to $2 billion, from $1.8 billion. Textron has, however, maintained its forecast for manufacturing group free cash flow for FY10 at $500-$550 million. The company’s shares closed at $18.08 yesterday, reflecting a 2.90% gain. Read more from Benzinga's Company news.