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TEXTRON REPORTS 16 PERCENT INCREASE IN FIRST QUARTER EARNINGS PER SHARE

 PROVIDENCE, R.I., April 22 /PRNewswire/ -- Textron, Inc. (NYSE: TXT) reported first quarter income of $82.8 million (92 cents per share), compared with income of $69.4 million (79 cents per share) before the one-time cumulative effect of accounting changes in the first quarter of 1992, James F. Hardymon, chairman, president and chief executive officer, announced today. Revenues rose 9 percent to $2.2 billion.
 Hardymon said, "We are pleased with the strong first quarter results, which give us a good start toward what we expect will be another record year for
Textron." This is the 14th consecutive quarter of year to year increases in income.
 The gain in operating income was due to improved performance in Financial Services and in Commercial Products, principally at the automotive divisions.
 Hardymon added, "We expect these businesses to continue to do well and also expect improved performance in our aircraft segment due to an anticipated increases in sales of commercial helicopters and business jets."
 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
 First Quarter
 (in millions)
 Three Months Ended
 April 3, April 4,
 1993 1992(a)
 REVENUES
 Aerospace Technology:
 Aircraft $416.0 $302.1
 Propulsion 232.1 271.3
 Systems 262.1 244.9
 Total 910.2 818.3
 Commercial Products: 567.8 506.5
 Financial Services:
 Finance and related
 insurance 356.8 350.3
 Other insurance 329.1 319.4
 Total 685.9 669.7
 Total revenues (b) $2,163.9 $1,994.5
 INCOME
 Aerospace Technology:
 Aircraft $20.1 $25.1
 Propulsion 15.5 15.5
 Systems 25.3 26.2
 Total 60.9 66.8
 Commercial Products: 49.4 41.0
 Financial Services:
 Finance and related
 insurance 67.6 58.5
 Other insurance 33.8 29.7
 Total 101.4 88.2
 Segment operating income 211.7 196.0
 Corporate expenses and
 other - net (17.5) (17.3)
 Interest expense - net (59.6) (63.4)
 Income before income taxes $134.6 $115.3
 ---
 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.
 First Quarter
 (Dollars in millions except per share amounts)
 Three Months Ended
 April 3, April 4,
 1993 1992
 Revenues $2,164.7 $1,995.1
 Income before income taxes $134.6 $115.3
 Income taxes 51.8 45.9
 Income before cumulative
 effect of changes in
 accounting principles I 82.8 69.4
 Cumulative effect of changes
 in accounting principles --- (679.5)(a)
 Net income (loss) 82.8 $(610.1)
 Income (loss) per common
 share:
 Income before cumulative effect
 of changes in accounting
 principles 92 cents 79 cents
 Cumulative effect of changes
 in accounting principles --- (7.69)(a)
 Net income (loss) 92 cents $(6.90)
 Average shares
 outstanding 89,600,000 88,359,000
 /NOTE (a): In the fourth quarter of 1992, Textron adopted retroactively to the beginning of 1992 Statements of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions" (FAS 106), with respect to its U.S. retiree health care and life insurance benefits, and No. 109, "Accounting for Income Taxes" (FAS 109). Textron recorded the cumulative effect of these changes in accounting principles as a one- time charge in the first quarter of 1992 and restated previously reported 1992 interim results./
 -0- 4/22/93
 /CONTACT: Raymond W. Caine, Jr., vice president-corporate communications, of Textron, 401-421-2800/
 (TXT)


CO: Textron Inc. ST: Rhode Island IN: ARO SU: ERN

CH -- NE007 -- 9263 04/22/93 09:57 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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