Textron Fastening Revenue, Profit Increase

John Wolz

Textron Fastening Systems sales increased $39 million and profit increased $36 million.
The parent company, Textron Inc. reported fourth quarter and full year 2002 results in line with its targets.
Fastening sales totaled $412 million in the fourth quarter of 2002 and profit was $19 million.
Fastening revenues increased due to higher sales volume and the favorable impact from foreign exchange, partially offset by price reductions and the divestiture of non-core product lines in 2001. Profit increased primarily due to improved cost performance, including the benefit from restructuring activities, and the higher sales volume, partially offset by price reductions.
The parent company�s Q4 net income was $131 million, compared with fourth quarter 2001 net income of $257 million.
Full-year 2002 income before the cumulative effect of a change in accounting principle was $364 million, compared with $166 million for the full-year 2001.
Full-year 2002 revenues were $10.7 billion, down from $12.3 billion in 2001, reflecting higher revenues in the aircraft segment, offset by the loss of revenue due to the divestiture of automotive trim and other businesses and lower revenue in the non-aircraft segments. Web:
textron.com �2003 FastenerNews.com