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TEXTRON REPORTS HEALTHY INCREASES IN REVENUES, NET INCOME AND EARNINGS PER SHARE IN THIRD QUARTER

 PROVIDENCE, R.I., Oct. 21 /PRNewswire/ -- Textron's (NYSE: TXT) third quarter revenues rose 10 percent, net income was up 19 percent and earnings per share improved by 17 percent over the third quarter of 1992, James F. Hardymon, chairman, president and chief executive officer, announced today.
 Revenues were $2.2 billion compared to $2.0 billion a year ago. Net income was $99.5 million ($1.10 per share) up from $83.5 million ($.94 per share) reported in the third quarter of 1992.
 Hardymon said, "we are pleased with these results which mark the sixteenth consecutive quarter of year to year improvement. He added that "we expect a strong finish for 1993 and have good expectations for 1994."
 The results for the third quarter of 1993 included restructuring costs in the propulsion and commercial products segments of $25 million offset by an $18 million gain in the aircraft segment from an insurance settlement and a net favorable income tax adjustment of $5 million resulting from the new tax legislation.
 Hardymon commented that "the company has done very well overall. The primary drivers behind the earnings performance over the 16 quarter period have been financial services, aircraft and automotive products."
 Revenues for the first nine months of 1993 were $6.7 billion compared to $6.2 billion in 1992 and income before the cumulative effect of changes in accounting principles increased 18 percent from $233.7 million ($2.64 per share) to $276.6 million ($3.07) per share.
 Textron is a multi-industry company with operations focused in three business sectors -- Aerospace Technology, Commercial Products and Financial Services.
 TEXTRON INC.
 Third Quarter and Nine Months
 (Dollars in millions except per share amounts)
 Third Quarter Nine Months
 Oct. 2, Oct. 3, Oct. 2, Oct. 3,
 1993 1992 1993 1992
 Revenues $2,233.1 $2,031.1 $6,651.0 $6,187.8
 Income before income taxes $158.1 $135.7 $446.1 $383.2
 Income taxes 58.6 52.2 169.5 149.5
 Inc. before cumulative effect
 of changes in accounting
 principles 99.5 83.5 276.6 233.7
 Cumulative effect of changes
 in accounting principles --- --- --- (679.5)(a)
 Net income (loss) $99.5 $83.5 $276.6 $(445.8)
 Inc. (loss) per common share:
 Inc. before cumulative effect
 of changes in accounting
 principles $1.10 $0.94 $3.07 $2.64
 Cumulative effect of changes
 in accounting principles --- --- --- (7.68)(a)
 Net income (loss) $1.10 $0.94 $3.07 $(5.04)
 Average shares
 outstanding 90,303,000 88,606,000 89,952,000 88,462,000
 (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.
 TEXTRON INC.
 Revenues and Income By Business Segment
 Third Quarter and Nine Months
 (In millions)
 Third Quarter Nine Months
 Oct. 2, Oct. 3, Oct. 2, Oct. 3,
 1993 1992 1993 1992(aa)
 REVENUES
 Aerospace Technology:
 Aircraft $494.3 $363.1 $1,382.4 $1,081.0
 Propulsion 243.2 252.5 692.8 791.8
 Systems 209.7 263.5 694.1 798.2
 Total 947.2 879.1 2,769.3 2,671.0
 Commercial Products: 573.2 463.7 1,794.9(a)1,483.0
 Financial Services:
 Finance and related
 insurance 358.1 362.8 1,070.2 1,075.9
 Other insurance 353.8 324.4 1,014.0 955.2
 Total 711.9 687.2 2,084.2 2,031.1
 Total revenues-(aaa) $2,232.3 $2,030.0 $6,648.4 $6,185.1
 INCOME
 Aerospace Technology:
 Aircraft $64.4 $28.8 $114.7 $93.0
 Propulsion 8.3 14.1 34.0 43.0
 Systems 13.5 36.5 62.2 93.3
 Total 86.2 79.4 210.9 229.3
 Commercial Products: 31.3 36.3 142.1(a) 125.1
 Financial Services:
 Finance and related
 insurance 71.0 66.7 208.4 180.4
 Other insurance(aaaa) 43.0 28.8 111.5 87.9
 Total 114.0 95.5 319.9 268.3
 Segment operating income 231.5 211.2 672.9 622.7
 Corporate expenses and
 other - net (15.2) (12.3) (51.0) (48.1)
 Interest expense - net (58.2) (63.2) (175.8) (191.4)
 Income before income taxes $158.1 $135.7 $446.1 $383.2
 NOTES:
 (a) The results of operations of Textron Acustar Plastics are included from May 4, 1993.
 (aa) 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.
 (aaa) Revenues by business segment exclude interest income of the Textron Parent Company Borrowing Group.
 (aaaa) Income includes net pretax capital gains (losses) of $13.2 million and $16.9 for the respective three and nine month periods ended Oct. 2, 1993 and $.3 million and $(.5) million for the respective three and nine month periods ended Oct. 3, 1992.
 -0- 10/21/93
 /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

JL-CM -- NE006 -- 5042 10/21/93 09:58 EDT
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Date:Oct 21, 1993
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