Strong performance by industrial unit and high demand of Bell helicopters led to an increase in net income by 6% for Textron Inc.(NYSE:TXT). However, Shares shares of the company tumbled 5.71% to $24.94 Wednesday’s trade reacting to the shortfall of results from Wall Street expectations.
Reporting an increase in net income by $9 million or 4 cents per share at $151 million, or 51 cents per share for the third quarter in comparison to last year was the Providence, R.I.-based company.
Textron earned adjusted earnings of 48 cents per share. Revenue rose 7 percent to $3 billion, falling just shy of analysts' estimates of $3.06 billion.
Will TXT Shares Rebound After The Recent Slump? Find Out Here
Revenue from Bell helicopter unit rose 20% to $1 billion and industrial revenue rose 4 percent to $683 million. A decline by 13% in Textron system to $400 million resulted in subsides of the revenue.
Contributing $16 million to its pension plan for the quarter the company even raised its fiscal year outlook.
It expects the full-year earnings per share from continuing operations to fall between $1.95 and $2.05 per share, up from previous guidance of $1.80 to $2.
Analyst expects earnings of $2.08 per share with estimates ranging from $1.91 to $2.20 per share.
Shares of Dean Foods Company(NYSE:DF) rose by $1.92 or 12.77% at $16.96 as the company’s WhiteWave-Alpro division filing papers with SEC relating to its spin off into a separate company called White wave.
The IPO is expects to raise up to $320 million by selling 20 million shares at about $14 to $16 each.
Sales for WhiteWave-Alpro are expected to come at $598 million, up 13% from the same period in 2011 with operating income for the segment is expected to climb by 22% to $64 million.