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TEXTRON REPORTS STRONG FIRST QUARTER RESULTS NET INCOME UP 14 PERCENT

TEXTRON REPORTS STRONG FIRST QUARTER RESULTS NET INCOME UP 14 PERCENT
 PROVIDENCE, R.I., April 23 /PRNewswire/ -- Textron Inc. (NYSE: TXT) reported first quarter net income of $76.0 million (86 cents per share), compared with $66.4 million (76 cents per share) in 1991, James F. Hardymon, president and chief executive officer, announced today. Revenues rose 5 percent to $2.0 billion from $1.9 billion in 1991. Results include those of The Cessna Aircraft Company following its acquisition by Textron on Feb. 28, 1992.
 Hardymon said, "we are pleased with the first quarter results, which give us a strong start to another good year for Textron. Substantial gains in Commercial Products and improved results in Financial Services more than offset a decline in the Aerospace Technology sector." Hardymon added, "our continued focus on productivity, combined with modest gains in the economy, were the key factors in Textron's improved performance."
 Textron's operating income in the first quarter rose to $206.9 million from $191.0 million in 1991 and its corresponding profit margin increased to 10.4 percent from 10 percent in the first quarter of 1991. The gains in operating income and a lower effective tax rate more than offset slightly higher interest expense. Earnings per share for 1992 reflect an increased average number of shares outstanding.
 Textron is a multi-industry company with operations focused in three business sectors -- Aerospace Technology, Commercial Products and Financial Services.
 TEXTRON INC.
 First Quarter Results
 (Dollars in millions except per share amounts)
 Three Months Ended
 April 4, March 30,
 1992 1991
 Revenues $1,995.1 ome 76.0 66.4
 Net Income per
 share 86 cents 76 cents
 Average shares
 outstanding 88,359,000 86,948,000
 REVENUES AND INCOME BY BUSINESS SEGMENT
 First Quarter
 (In millions)
 Three Months Ended
 April 4, March 30,
 1992(a) 1991
 Revenues
 Aerospace Technology:
 Aircraft $302.1 $311.1
 Propulsion 271.3 327.0
 Systems 244.9 226.4
 Total 818.3 864.5
 Commercial Products 506.5 407.3
 Financial Services:
 Finance and related
 insurance 350.3 338.2
 Other insurance 319.4 298.3
 Total 669.7 636.5
 Total revenues(b) $1,994.5 $1,908.3
 Income
 Aerospace Technology:
 Aircraft $26.6 $37.8
 Propulsion 23.3 34.4
 Systems 26.5 17.4
 Total 76.4 89.6
 Commercial Products 41.9 20.5
 Financial Services:
 Finance and related
 insurance 58.8 52.9
 Other insurance 29.8 28.0
 Total 88.6 80.9
 Segment operating income 206.9 191.0
 Corporate expenses and
 other - net (17.3) (17.1)
 Interest expense - net (63.4) (61.6)
 Income before income taxes $126.2 $112.3
 ----
 NOTE: (a) The results of operations of Cessna are included from Feb. 28, 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.
 -0- 4/23/92
 /CONTACT: Raymond W. Caine, Jr., of Textron, 401-421-2800/
 (TXT) CO: Textron, Inc. ST: Massachusetts IN: ARO SU: ERN


TM -- NE012 -- 1768 04/23/92 10:39 EDT
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Date:Apr 23, 1992
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