Textron to cut 1,500 jobs as program cancellations, weak demand hit results [Reuters]
Textron Inc. (TXT)
Last textron inc. earnings: 4/30 06:30 am
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Source: Reuters
April 25 (Reuters) - Textron is expanding its restructuring plan to include about 1,500 job cuts, it said on Thursday, after U.S. Army program cancellations and lower demand for some other products hit its business. Shares of the Rhode Island-based company fell 10% in premarket as it also reported lower than expected adjusted profit and revenue for the first quarter. During the quarter, the U.S. Army the Future Attack Reconnaissance Aircraft scout helicopter and Shadow unmanned aircraft programs, developed at the Textron Systems and Bell divisions, the company said in a filing. Textron's industrial segment, which reported a 4.29% decline in quarterly revenue, also saw lower consumer demand for some products at the Specialized Vehicles business and reduced demand for fuel systems from European automotive manufacturers. Textron said it plans to reduce its headcount by some 1,500 positions, or around 4% of its global workforce, under the expanded restructuring plan. The original
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TXT
Earnings
- 4/25/24 - Miss
TXT
Sec Filings
- 4/25/24 - Form 4
- 4/25/24 - Form 4
- 4/25/24 - Form 4
- TXT's page on the SEC website