Textron (NYSE:TXT) is expected to report Q4 earnings Thursday, January 29, before the market open with a conference call scheduled for 9:00 am ET.
Analysts are looking for EPS of 47c on revenue of $3.68B. There is a wide consensus range of 30c-84c for EPS, and $3.53B-$3.85B for revenue, according to First Call.
Textron lowered its Q4 EPS guidance to 30c-40c from prior 80c-90c on December 22. The company cited continued market stress and the impact of their exit plan from non-captive business segments. Textron's stock has fallen -32.41% since it last reported earnings on October 16; the share price has slid from $19.07 to $12.89. The company also announced in December that, given the further decline in economic activity, it has expanded its previously announced overhead cost reduction and productivity improvement plan and now expects restructuring charges of about $65M to be recorded in Q408 with expected cost savings of about $100M in 2009. The program, along with other volume-related reductions in workforce, eliminates approximately 2,200 positions worldwide. Approximately $20M of the restructuring costs are non-cash, relating primarily to asset impairment charges for facilities to be closed. The company anticipates that further headcount reductions and other actions could lead to additional restructuring costs beyond those incurred in 2008.