Textron (NYSE:TXT) Releases FY24 Earnings Guidance

Textron (NYSE:TXT) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $5.40-$5.60 for the period, compared to the consensus estimate of $6.12. Textron also updated its FY 2024 guidance to 5.400-5.600 EPS.

Textron Trading Up 1.1 %

Shares of TXT stock traded up $0.86 during mid-day trading on Friday, reaching $82.35. The stock had a trading volume of 1,626,187 shares, compared to its average volume of 1,077,218. The firm has a market capitalization of $15.43 billion, a PE ratio of 17.45, a price-to-earnings-growth ratio of 1.43 and a beta of 1.23. The stock’s 50-day moving average price is $87.81 and its two-hundred day moving average price is $88.19. The company has a current ratio of 1.79, a quick ratio of 0.81 and a debt-to-equity ratio of 0.47. Textron has a 52-week low of $74.13 and a 52-week high of $97.33.

Textron (NYSE:TXT) last announced its quarterly earnings results on Thursday, October 24th. The aerospace company reported $1.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.46 by ($0.06). The business had revenue of $3.43 billion for the quarter, compared to analysts’ expectations of $3.50 billion. Textron had a net margin of 6.67% and a return on equity of 16.41%. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.49 EPS. Equities analysts expect that Textron will post 6.1 earnings per share for the current fiscal year.

Textron Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 1st. Investors of record on Friday, December 13th will be issued a dividend of $0.02 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.10%. Textron’s dividend payout ratio is presently 1.69%.

Analyst Ratings Changes

A number of brokerages have issued reports on TXT. TD Cowen downgraded shares of Textron from a “buy” rating to a “hold” rating and reduced their price objective for the company from $103.00 to $95.00 in a research report on Wednesday, September 25th. JPMorgan Chase & Co. decreased their price target on shares of Textron from $100.00 to $95.00 and set a “neutral” rating for the company in a research note on Monday, October 14th. StockNews.com cut Textron from a “strong-buy” rating to a “buy” rating in a research report on Thursday, September 12th. Bank of America upped their target price on Textron from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. Finally, Robert W. Baird lowered their target price on Textron from $109.00 to $100.00 and set an “outperform” rating for the company in a research note on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Textron presently has a consensus rating of “Moderate Buy” and an average target price of $101.56.

Textron Company Profile

Textron Inc operates in the aircraft, defense, industrial, and finance businesses worldwide. It operates through six segments: Textron Aviation, Bell, Textron Systems, Industrial, Textron eAviation, and Finance. The Textron Aviation segment manufactures, sells, and services business jets, turboprop and piston engine aircraft, and military trainer and defense aircraft; and offers maintenance, inspection, and repair services, as well as sells commercial parts.