Textron to cut 1,500 jobs as program cancellations, weak demand hit results
April 25 (Reuters) -Textron TXT.N is expanding its restructuring plan to include about 1,500 job cuts, it said on Thursday, after U.S. Army program cancellations and lower demand for some other products hit its business.
Shares of the Rhode Island-based company fell 10% in premarket as it also reported lower than expected adjusted profit and revenue for the first quarter.
During the quarter, the U.S. Army ended the Future Attack Reconnaissance Aircraft scout helicopter and Shadow unmanned aircraft programs, developed at the Textron Systems and Bell divisions, the company said in a filing.
Textron's industrial segment, which reported a 4.29% decline in quarterly revenue, also saw lower consumer demand for some products at the Specialized Vehicles business and reduced demand for fuel systems from European automotive manufacturers.
Textron said it plans to reduce its headcount by some 1,500 positions, or around 4% of its global workforce, under the expanded restructuring plan. The original plan did not mention job cuts.
Since Textron introduced the 2023 restructuring plan, it has incurred $140 million in pre-tax special charges. It expects to sustain further severance costs of between $25 million and $30 million in the second quarter of 2024.
Textron's first-quarter sales were $3.13 billion, missing Wall Street estimates of $3.28 billion, according to LSEG data.
Quarterly adjusted profit was $1.20 per share, short of expectations of $1.23 per share.
Reporting by Aatreyee Dasgupta, Pratyush Thakur in Bengaluru; Editing by Milla Nissi
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
