* First-quarter rev $2.85 bln vs est $3.03 bln
* Adjusted earnings $0.36/share vs est $0.39
* Cuts 2014 profit forecast by 8 cents to $1.92-$2.12/share
* Shares fall as much as 6 pct (Adds CEO comment, forecast, details)
May 1 Textron Inc reported quarterly results below analysts' estimates due to fewer deliveries of its Bell helicopters and costs related to its acquisition of Beechcraft Corp.
Textron's shares fell as much as 6 percent after the world's largest maker of business aircraft also cut its 2014 profit forecast.
The company, which sells Cessna business jets and EZ-Go golf carts along with Bell helicopters, bought smaller business jet maker Beechcraft in March to boost its aviation business.
The company's Bell business has been hurt by the U.S. government's spending cuts over the past few quarters.
Deliveries of Bell helicopters to the U.S. government fell by two units to 15 in the first quarter ended March 29, the company said in a statement.
Bell delivered 34 helicopters to commercial customers, down from 40 a year earlier.
Chief Executive Scott Donnelly, however, said the decline did not reflect lower demand.
The company delivered "an awful lot of" helicopters to commercial customers in the fourth quarter, which led to light deliveries in the first quarter, Donnelly said on a conference call with analysts.
The company delivered 75 commercial aircraft in the fourth quarter.
"Order demand was stronger than a year ago so we still expect that commercial deliveries will be up in 2014," Donnelly said.
Textron lowered its full-year forecast for earnings from continuing operations to $1.92-$2.12 per share from $2.00-$2.20, citing additional costs related to the Beechcraft purchase.
Income from continuing operations dropped to $87 million, or 31 cents per share, in the first quarter, from $115 million, or 40 cents per share, a year earlier.
Textron said Beechcraft-related costs reduced earnings by 5 cents per share.
Total revenue was nearly flat at $2.85 billion.
Analysts on average expected earnings of 39 cents per share on revenue of $3.03 billion, according to Thomson Reuters I/B/E/S.
The company's shares were down 2.4 percent at $39.93 in late-morning trading on the New York Stock Exchange on Thursday. They had gained about 64 percent in the past year to Wednesday, compared with a 19 percent rise in the S&P 500 index. (Reporting by Sagarika Jaisinghani in Bangalore; Editing by Maju Samuel)