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TEXTRON REPORTS 15 PERCENT INCREASE IN THIRD QUARTER NET INCOME

 TEXTRON REPORTS 15 PERCENT INCREASE IN THIRD QUARTER NET INCOME
 PROVIDENCE, R.I., Oct. 22 /PRNewswire/ -- Textron's (NYSE: TXT) third quarter net income rose 15 percent to $86.8 million (98 cents per share) compared with $75.7 million (86 cents per share) reported in the third quarter of 1991, James F. Hardymon, president and chief executive officer, announced today. Third quarter revenues were up 7 percent to $2.0 billion from $1.9 billion in 1991.
 Hardymon said, "Our diversification continues to be helpful as substantial gains in Commercial Products and Financial Services more than offset an income decline in the Aerospace Technology sector. This is the twelfth consecutive quarter of earnings gain over the corresponding prior year period. We are pleased with this continued improved performance and expect Textron to complete the year with strong fourth quarter results."
 Revenues for the first nine months of 1992 were $6.2 billion compared to $5.8 billion in 1991 and net income increased 14 percent from $216.2 million ($2.47 per share) to $246.9 million ($2.79 per share). The significant increase in operating income was partially offset by higher interest expense, due to Textron's acquisition of The Cessna Aircraft Company on Feb. 28, 1992.
 Textron is a multi-industry company with operations focused in three business sectors -- Aerospace Technology, Commercial Products and Financial Services.
 TEXTRON INC.
 Revenues and Income By Business Segment
 Third Quarter and Nine Months
 (in millions)
 Third Quarter Nine Months
 Oct. 3, Sept. 28, Oct. 3, Sept. 28,
 1992-(a) 1991 1992-(a) 1991
 REVENUES
 Aerospace Technology:
 Aircraft $363.1 $301.4 $1,081.0 $949.4
 Propulsion 252.5 293.7 791.8 932.1
 Systems 263.5 216.6 798.2 684.4
 Total 879.1 811.7 2,671.0 2,565.9
 Commercial Products: 463.7 432.1 1,483.0 1,308.7
 Financial Services:
 Finance and related
 insurance 362.8 337.2 1,075.9 1,012.8
 Other insurance 324.4 318.1 955.2 921.4
 Total 687.2 655.3 2,031.1 1,934.2
 Total revenues-(b) $2,030.0 $1,899.1 $6,185.1 $5,808.8
 INCOME
 Aerospace Technology:
 Aircraft $30.6 $29.6 $98.0 $88.5
 Propulsion 16.5 43.8 55.3 101.9
 Systems 36.8 23.1 94.2 65.7
 Total 83.9 96.5 247.5 256.1
 Commercial Products: 36.9 25.6 127.4 87.2
 Financial Services:
 Finance and related
 insurance 66.9 53.1 181.2 158.6
 Other insurance 28.9 28.0 88.2 84.0
 Total 95.8 81.1 269.4 242.6
 Segment operating income 216.6 203.2 644.3 585.9
 Corporate expenses and
 other - net (12.3) (22.6) (48.1) (54.1)
 Interest expense - net (63.2) (55.2) (191.4) (170.2)
 Income before income taxes $141.1 $125.4 $404.8 $361.6
 ---
 NOTES:
 (a)-The results of operations of Cessna are included from Feb. 29, 1992. The revenues and income of Cessna's manufacturing operations are included with those of Bell Helicopter in the Aircraft segment. Cessna's finance operations are included in the Finance and related insurance segment.
 (b)-Revenues by business segment exclude interest income of the Textron Parent Company Borrowing Group.
 TEXTRON INC.
 Third Quarter and Nine Months
 (Dollars in millions except share and per-share data)
 Third Quarter Nine Months
 Oct. 3, Sept. 28, Oct. 3, Sept. 28,
 1992 1991 1992 1991
 Revenues $2.031 $1,906.1 $6,187.8 $5,824.1
 Income before income taxes 141.1 125.4 404.8 361.6
 Income taxes 54.3 49.7 157.9 145.4
 Net income 86.8 75.7 246.9 216.2
 Income per share 98 cents 86cents $2.79 $2.47
 Average shares
 outstanding 88,606,000 87,759,000 88,462,000 87,387,000
 -0- 10/22/92
 /CONTACT: Raymond W. Caine, Jr., vice president of corporate communications, 401-421-2800/
 (TXT) CO: Textron, Inc. ST: Rhode Island IN: SU: ERN


CH -- NE002 -- 3382 10/22/92 09:49 EDT
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Date:Oct 22, 1992
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