TFS Reports Loss From Charge Related to Sale

Jason Sandefur

Textron Inc. reported an after-tax loss of $111 million for Textron Fastening Systems in the second quarter of 2006 following a $120 million impairment charge from the pending sale of TFS to Beverly Hills-based Platinum Equity. TFS recorded an after-tax loss of $101 million during the first six months of 2006, compared with a $7 million profit during the first half of 2005.
Consolidated Textron revenue grew 5.7% to $2.8 billion during Q2, while net income fell 44% to $69 million. First-half revenue increased 10.4% to $5.45 billion, while net income dropped 5% to $237 million. Web: textron.com �2006 FastenerNews.com