Textron Fastener Profit Falls

Jason Sandefur

A favorable foreign exchange during the fourth quarter of 2003 helped Textron Fastening Systems report an 11% gain in revenue to $457 million. However, Q4 fastener profit fell 15% to $17 million. TFS said higher volume was offset by lower pricing in Q4, and profit loss was partially offset by improved cost performance.
For the year, TFS revenue grew 5.3% to $1.74 billion, while profit slipped 8.3% to $66 million.

Parent company Textron Inc. reported Q4 revenue dropped 4% to $2.7 billion, while net income declined 25% to $83 million.
For 2003, Textron revenue dipped 5% to $9.9 billion, but net income improved to $259 million compared with a $124 million loss during 2002. Web: textron.com �2004 FastenerNews.com