TXT - Why Textron Stock Is Flying High Today
2023-07-27 12:51:42 ET
Textron (NYSE: TXT) beat expectations in the current quarter and boosted its full-year guidance. Investors are excited about the opportunity, sending shares of the industrial conglomerate up more than 10%.
Textron is a manufacturer of a range of products from business jets to snowmobiles. The company earned $1.46 per share in the second quarter on revenue of $3.42 billion, beating the estimate for $1.46 per share on $3.41 billion in sales. Revenue was up 8.6% year over year, and the company's 10.3% profit margin represented a 140-basis-point increase from a year ago.
The company's industrial segment was particularly strong thanks to higher volumes and a favorable product mix. Aviation sales fell short of expectations due to lower business jet deliveries year over year, but pricing improved, and the company finished the quarter with about $1.20 worth of orders for every $1 the segment billed in the quarter, a positive sign for future quarters.
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Why Textron Stock Is Flying High Today