WASHINGTON (dpa-AFX) - Textron Inc. (TXT) posted first-quarter net income of $118 million or $0.40 per share versus $29 million or $0.09 per share last year. Income from continuing operations for the quarter surged to $120 million or $0.41 per share from $31 million or $0.10 per share in the prior year.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.35 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the three-month period increased year-over-year to $2.86 billion from $2.48 billion. Ten analysts had a consensus revenue estimate of $2.70 billion for the quarter.
Going ahead, Textron confirmed its guidance of 2012 revenues of around $12.5 billion, earnings per share from continuing operations of $1.80 to $2.00, cash flow from continuing operations of the manufacturing group before pension contributions between $700 and $750 million, with planned pension contributions of about $200 million.
Analysts expect the company to earn $1.91 per share on revenues of $12.35 billion for the year.
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