Business briefs

Textron profit nearly doubles


Textron Inc., the parent company of E-Z-Go in Augusta, nearly doubled its quarterly profit, it announced Thursday.

Second-quarter profit was $172 million, or 58 cents per share, compared with $90 million, or 29 cents per share, a year earlier.

Revenue rose 10.7 percent to $3.02 billion from $2.73 billion.

The Rhode Island-based company has been riding a wave of strong demand for helicopters, and sales of its Cessna corporate aircraft have started to pick up.

The company said its revenue in the industrial segment, which includes E-Z-Go, increased $37 million, reflecting higher volumes across most of the businesses.

In other news

THE NUMBER OF Ameri-cans seeking unemployment benefits rose by 34,000 last week, a figure that may have been skewed higher by seasonal factors. Applications for benefits increased to a seasonally adjusted 386,000, the Labor Department said Thursday. The gain followed a drop of 24,000 the previous week and was the biggest jump since April 2011.

MICROSOFT SAID Thursday that an accounting adjustment to reflect a weak online ad business led to its first quarterly loss in its 26 years as a public company.

VERIZON COMMUNICATIONS Inc., parent of the country’s largest cellphone carrier, on Thursday said its net income rose 13 percent in the second quarter as its wireless arm pulled in record profits.

THE AVERAGE RATE on the 30-year mortgage fell to 3.53 percent; the average 15-year loan declined to 2.83 percent.



Tue, 12/12/2017 - 19:42

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