FX.co ★ Textron Stock Drops On Q1 Earnings, Job Cuts

Textron Inc.'s shares are taking a hit, dropping over 12 percent following the company's first-quarter earnings report, which fell short of analysts' predictions. The company has also announced staff reductions.

In the recent quarter, the company reported a profit of $201 million, or $1.03 per share, a slight increase from the $191 million, or $0.92 per share, reported during the same period last year.

Analyzing adjusted earnings, there was a rise to $233 million or $1.20 per share, up from $218 million or $1.05 per share in the previous year. However, this was still below the analysts' projection of $1.23 per share.

Textron's revenue for the recent quarter climbed 4 percent, reaching $3.14 billion, an increase from last year's $3.02 billion.

Additionally, the Rhode Island-based company announced plans to execute layoffs, targeting about 4 percent of its global workforce. This equates to about 1,500 employees, a decision driven by a broad-based restructuring plan.

Currently, Textron's stock value is declining by 12.34 percent, down to $82.41 from the previous close at $94.01 on the New York Stock Exchange.