US defence and aerospace manufacturer Textron Inc reported results from the third quarter of its financial year on 19 October, showing strong revenue growth but a mark contraction in profits.
The company generated total revenues of USD3,484 million in the three months to 30 September, a 7.2% rise year on year. However, income after tax was USD159 million, down from USD429 million in the same period in 2016. However, this fall is largely the result of a significant income tax benefit in 2016 – before taxes profit was down just USD15 million to USD295 million.
The company’s industrial segment was responsible for the largest share of the decline in profits, with third quarter income down by over 25%.
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