Textron Profits Drop 29%

John Wolz

Falling automotive and industrial components sales hurt Textron Inc. first quarter 2001 profits.
Earnings totaled $143 million, compared with $158 million during the same period of 2000.
First quarter 2001 sales fell to $3.04 billion from $3.29 billion during the same period last year.
Textron lowered expectations for 2001 earnings per share from analysts� $4.74 to $4.65. CEO Lewis Campbell blamed “economic negatives” for the revision.
Textron has announced plans to shift away from its traditional reliance on automotive products.