(Corrects total revenue to $2.85 bln from $2.82 bln in
* First-quarter rev nearly unchanged from a year earlier
* Earnings from cont. ops $0.31 vs $0.40 a year earlier
* Bell business revenue falls 8 pct
May 1 Textron Inc reported a 24 percent
drop in quarterly profit, partly due to fewer deliveries of its
Bell helicopters and unmanned aircraft systems.
The company's Bell business, which is mostly defense
focused, has been hurt by the U.S. government's spending cuts.
Textron, also the maker of Cessna business aircraft, said
fewer deliveries to the military contributed to an 8 percent
drop in revenue at the Bell business.
Revenue at its Textron Systems business, which makes
unmanned aircraft systems and marine and land systems, decreased
15 percent to $363 million. Total revenue was nearly unchanged
from a year earlier at $2.85 billion.
The Bell and Textron Systems businesses together make up
more than 40 percent of total revenue.
Income from continuing operations dropped to $87 million, or
31 cents per share, in the first quarter ended March 29, from
$115 million, or 40 cents per share, a year earlier.
Textron recorded $16 million in costs related to its
acquisition of Beechcraft Corp earlier this year.
The company's shares closed at $40.90 on the New York Stock
Exchange on Wednesday. They have gained about 64 percent in the
past year, compared with a 19 percent rise in the S&P 500 index
(Reporting by Sagarika Jaisinghani in Bangalore; Editing by