Investing.com -- Textron Inc. reported fourth-quarter 2024 earnings that fell short of analyst expectations, sending shares down 1.5% in early trading.
The aerospace and defense company posted adjusted earnings per share of $1.34, missing the analyst consensus of $1.35. Revenue for the quarter came in at $3.61 billion, below estimates of $3.77 billion and down from $3.89 billion in the same quarter last year.
Textron (NYSE:TXT)'s fourth-quarter results were impacted by a work stoppage at its Aviation segment, which saw revenues decline $242 million YoY to $1.3 billion. The company delivered 32 jets in the quarter, down from 50 in the prior-year period.
"While a work stoppage at Textron Aviation impacted our 2024 financial results, we saw strong order activity, aftermarket growth, and continued new product development activities," said Textron Chairman and CEO Scott C. Donnelly.
For the full year 2024, Textron reported adjusted earnings per share of $5.48, compared to $5.59 in 2023.
Looking ahead, the company provided guidance for fiscal year 2025, projecting adjusted earnings per share of $6.00 to $6.20 on revenues of approximately $14.7 billion. The EPS outlook falls below the analyst consensus of $6.31.
Despite the earnings miss, Textron highlighted positive developments, including progress on its FLRAA program at Bell and a strong Aviation backlog of $7.8 billion at year-end, up $676 million from the previous year.
The company repurchased $1.1 billion worth of shares in 2024, including $232 million in the fourth quarter.