Headline: Textron Shares Dip 3% Following Lowered Fiscal Guidance and Disappointing Q3 Results

NEW YORK - Shares of aerospace and defense company Textron Inc. (NYSE:TXT) fell 3.2% in early trading on Thursday. The company reported third-quarter earnings and revenue figures below analyst expectations and revised its full-year forecast downward.

The Providence, Rhode Island-based company announced adjusted earnings of $1.40 per share for the quarter, falling short of the consensus estimate of $1.50. Revenue came in at $3.43 billion, below analysts' expectations of $3.5 billion.

Textron indicated that its Textron Aviation segment was adversely affected by a strike that began after the expiration of a labor contract with unionized workers. The work stoppage reduced the segment's third-quarter revenues by approximately $50 million and its profit by about $30 million.

Textron Chairman and CEO Scott C. Donnelly stated, "The work stoppage negatively impacted our third-quarter results and is expected to also negatively affect our fourth-quarter financials."

Textron reduced its full-year 2024 adjusted earnings per share forecast to a range of $5.40 to $5.60. This is below the previous guidance of $6.20 to $6.40 and the consensus estimate of $6.17.

The company also lowered its production cash flow forecast to a range of $650 million to $750 million, down from the previous estimate of $900 million to $1 billion.

On a positive note, Textron's Bell segment reached a significant milestone by having the U.S. Army designate the FLRAA program as an official program of record. The order backlog at Bell increased by $2.3 billion during the quarter, rising to $6.5 billion.