(January 25, 2012) Shares of Textron Inc. (NYSE: TXT), a Providence, Rhode Island-based company, rallied in trading on Wednesday. The Textron stock ended the day 14.58% higher at $24.76 on above average volume of 17.92 million.
Textron shares rallied in trading on Wednesday after the company announced strong fourth-quarter financial results. For the fourth quarter of 2011, Textron reported loss from continuing operations of $0.06 per share, compared with income of $0.20 per share. Excluding one-time items, the company’s earnings for the fourth quarter were $0.49 per share.
Textron’s total revenue for the fourth quarter was $3.3 billion, representing an increase of 4.1% over the same period in the previous year. The company’s manufacturing revenue for the quarter rose 4.6%. Scott C. Donnelly, Chairman and CEO of Textron, said that fourth-quarter operating results reflected outstanding performance at Bell, continued improvement at Cessna, good performance in the company’s Industrial segment and actions the company is taking to strengthen its competitive position at Systems in a difficult defense environment.
Donnelly also said that the company liquidated another $386 million from its finance receivables during the quarter and with the mark-to-market adjustment, the company has reached a notable milestone with its liquidation strategy, ending the year with less than $1 billion in non-captive finance receivables.
About Textron Inc.: Textron Inc. is a multi-industry company engaged in aircraft, defense, industrial and finance businesses.
- The Textron stock has a 52-week range of $14.66-$28.87.
- The stock trades on a daily average volume of 4.44 million.
- The stock is currently trading above its 50-day and 200-day moving averages, which is a bullish signal.
- The stock’s MACD has crossed the signal line on the upside and is also above the zero-line, which are strong bullish signals.
Textron announced its fourth-quarter financial results. The company’s shares soared following the announcement.