Textron (TXT) is expected to report Q3 earnings before market open Thursday, October 16, with a conference call scheduled for 9:00 am ET.
Analysts are looking for EPS of 87c on revenue of $3.59B. The consensus range is 83c to 91c for EPS, and $3.35B to $3.7B for revenue, according to First Call. Textron gave FY08 EPS guidance when it reported its Q2 results. The company expects FY08 EPS of $3.80 to $4.00 vs. consensus of $3.82.
Gabelli upgraded Textron to Buy from Hold on August 28. The firm stated it thinks the sell-off of the stock this year has been overdone, and still believes that the company's financial unit will be profitable this year. Gabelli also stated on September 17, it attributes the 50% year-to-date sell-off in the company's shares to concerns over a slowing economy, a peaking business jet cycle and fear of the unknown in Textron's finance business. However, the firm believes the sell-off incorrectly anticipates the company's prospects and maintains a Buy rating on the stock.