TFS Revenue Rises

Jason Sandefur

Textron Fastening Systems reported revenue for the first quarter of 2005 rose 4.8% to $521 million on higher pricing and favorable foreign exchange. Q1 profit dipped $26 million to a loss of $6 million, hampered by higher steel prices and new plant ramp-up costs.
Overall sales for parent company Textron Inc. climbed 19% to 2.79 billion, while net income jumped 240% to $126 million. CEO Lewis Campbell predicted a 12% revenue growth for Textron in 2005, based on the strength of its markets. Web: textron.com �2005 FastenerNews.com