Textron Net Up Sharply in Both Quarter and Year
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Textron, Inc., the Providence, R.I.-based diversified manufacturer, reported sharp increases in profits during the fourth quarter and for the entire year.
The firm said net income in the quarter was $34.5 million, 51% higher than the $22.9 million earned in the fourth quarter of 1983. Included in the 1984 fourth-quarter profit figure was a pretax capital gain of $9 million that resulted when a Textron subsidiary sold some stock in Ionics Inc.
Full-year net income jumped to $114 million, 28% higher than the $88.7 million earned in 1983.
Textron reported sales gains of 8% in both periods--to $888 million in the fourth quarter and to $3.2 billion for 1984.
Textron Chief Executive B. F. Dolan said the profit increases were due largely to strong performances in the firm’s automotive and construction-related operations, in addition to increased demand for its machine-tool products. Some aerospace and defense operations also improved, he said.
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