The Dividend Daily

Aircraft maker Textron Inc. (TXT) said Tuesday that it saw a small profit in the third quarter, beating analyst estimates.

The Providence, Rhode Island-based company reported a third quarter profit of $4 million, or 1 cent per share, compared with $206 million, or 83 cents per share, in the year-ago period. Excluding items, adjusted profit was 12 cents per share.

Revenue fell 27% from last year, to $2.5 billion.

On average, Wall Street analysts expected a loss of 2 cents per share for the quarter.

Looking ahead, Textron said it expects full-year earnings to be in the high-end of its previously announced outlook for 33 cents to 63 cents per share.

Textron shares rose 9 cents, or +0.5%, in premarket trading Tuesday.

The Bottom Line
We have avoided shares of TXT since our early June coverage began last year, when the stock was trading at $58.95. The company has a dividend yield of .44%, based on last night’s closing stock price of $18.36. The stock has technical support in the $15 price area. If the shares can continue the recent rebound, we see overhead resistance around the $21-$22 price levels. We would remain on the sidelines for now.

Textron Inc. (TXT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.

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