October 18, 2018 / 1:10 PM / a month ago

Textron says Arctic Cat acquisition hurt third-quarter profit

(Reuters) - Textron Inc (TXT.N) is one year behind schedule on benefiting from the acquisition of all-terrain vehicles maker Arctic Cat, the company said on an earnings call on Thursday, blaming the unit’s management for “unfavorable operating performance”.

The company’s third quarter profit took a hit from weak sales at the unit.

“When you have something like that going on at the business, it creates enough chaos that drives down the operating performance in total,” Chief Executive Scott Donnelly said.

Earlier this month, Textron replaced Kevin Holleran, who was in charge of the unit that houses the Arctic Cat business, with Scott Ernest, the head of the company’s aviation unit.

Reporting by Ankit Ajmera in Bengaluru; Editing by Saumyadeb Chakrabarty

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